Weekly Rig Count from Baker Hughes Show U.S Rigs Add for a Second Consecutive Week

Weekly Rig Count from Baker Hughes Show U.S Rigs Add for a Second Consecutive Week

This week's rig count report from Baker Hughes shows the number of rigs drilling for oil and gas in the U. S. reached 414. That's a spike of six rigs compared to last week. It indicates some positive note from the oil and gas industry as price rises.

Compared to last week's 325, the number of oil rigs in the U. S was up three to 328 and for natural gas rigs, the numbers scaled to 85 with three added to previous week's 82. The number of miscellaneous rigs remained the same at one.

The number of offshore rigs was 21 and inland water rigs were 5, unchanged from last week. However, the number of rigs on land added six more 388 compared to 382 in the previous week.

According to Baker Hughes rig count reports, last week the count increased for the first-time since last year August which could signal a likely u-turn in the industry slowdown. The drop in equity prices also added to a drop in oil futures including Brent and West Texas Intermediate. Brent's front-month contracts dropped 2.8 percent or US$1.43 to US$50.52 per at 2:14 pm EDT. On Thursday, it touched US$52.86, its 2016 high of.

Even the WTI front-month was down 3.2 per cent or US$1.62 at US$48.94 per barrel.

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