Six Weeks In A Row – Rising Rig Count Pushes Oil Down

Jon Blogosphere, Market Commentary

The US oil and gas rig count, as reported by Baker Hughes on Friday, was up one over last week, bringing the total number of oil and gas rigs to 464. The US oil rig count was up 7 from last week, while the gas rig count fell one, with miscellaneous rigs also losing a rig. Eagle Ford and the Permian saw the strongest rig count increases. Eagle ford was up 4 oil rigs, while The Permian added an additional 5 oil rigs.
The Barnett and Niobrara both lost one oil rig over the last week.
Although a total increase of one rig is fairly insignificant, and oil rig increase of seven – and an increase to the oil rig count for six straight weeks – may add further worries to an already shaky oil market.

This post was published at Alt-Market on 06 August 2016.