:: Reports --- ID :: 14674
A Large jump in rig count reported by Baker Hughes
leap in rigs

By Srinivas Chowdary Sunkara // petrobazaar // 13-01-18

Rig Count Summary

Rigs in U.S were jumped sharply by 15 nos to 939, an addition of 280 from during the same period in the previous year. Houston oil field services company Baker Hughes, A GE company reported on Friday that oil rigs were added by 10 nos to 752, which has risen 230 over this time last year whereas Gas rig numbers have gone up by 5 to 187 which was 51 higher than last year's numbers. The Offshore rig count was up by two since last week to 19, downs six year over year.

6 in Alaska, 2 in Colorado, 5 in Louisiana, 5 in New Mexico, 3 in Oklahoma and 1 in Utah were increased while 2 rigs were lost in Texas.

Rig count - Interpretation

Due to surge in oil prices, Companies may be more inclined to increase exploration activities. Continued investment flow into oil fields returning confidence to the patch. Increase in rig count may promote bearishness in the futures market.