US Oil Rig Count Rises For 17th Straight Week As Crude Production Nears Record Highs
For the 17th week in a row, the number of US oil rigs rose (by 9 to 712) but US gas rigs fell.
- *U.S. OIL RIG COUNT UP 9 TO 712 , BAKER HUGHES SAYS :BHI US
- *U.S. GAS RIG COUNT DOWN 1 TO 172 , BAKER HUGHES SAYS :BHI US
Texas saw an additional 8 rigs added.
That's the highest level since the week of April 17, 2015, and the longest stretch of increases in six years.
US Crude production follows its lead to within 2% of record highs...
Just don't show Goldman (or OPEC).
Disclosure: None
How did you like this article? Let us know so we can better customize your reading experience.
As long as oil remains above the $50 range #oil rigs will continue to come online. It is just the nature of things.
Makes sense.