US Rig Count Up By 10, More Drilling Activity Seen On Land
Zacks Investment Research | Jun 21, 2016 09:57PM ET
In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (NYSE:BHI) reported a higher U.S. rig count (number of rigs searching for oil and gas in the country) than the previous week. The West Texas Intermediate (WTI) oil futures are currently trading at around $48 per barrel.
Analysis of the Data
Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 424 in the week ended Jun 17, 2016. This was up by 10 from the week before.
The current nationwide rig count is less than half the prior-year level of 857. Notably, the count had peaked at 4,530 in 1981. Inversely, an all-time low was recorded in March and since then the rig count has only recovered marginally.
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