#stayhome Maintain the distance, wash your hands, and follow instructions from the health authorities.
RSS   Newsletter   Contact   Advertise with us

U.S. drillers added rigs for third week in row

Share on Twitter Share on LinkedIn
Staff writer ▼ | June 17, 2016
U.S. drillers this week added oil rigs for a third week in a row for the first time since August, according to Baker Hughes.
Baker Hughes rigs
Oil exploration   Despite a decline in U.S. crude futures
Producers are seeking more drilling permits after crude prices hit an 11-month high over $51 a barrel last week.

Despite a decline in U.S. crude futures to one-month lows to under $47 this week, analysts and producers have said oil over $50 was a key level that would trigger a return to the well pad and drilling permits are a leading indicator of future drilling.

Drillers added nine oil rigs in the week to June 17, bringing the total rig count up to 337, compared with 631 a year ago.

Before this week, drillers added rigs in only three out of 23 weeks this year, cutting on average nine oil rigs per week for a total of 208.