Higher crude prices prompt drillers to return to drilling.as energy companies added oil rigs for a third week in a row, General Electric Co’s Baker Hughes reported.
Higher crude prices prompt drillers to return to drilling.as energy companies added oil rigs for a third week in a row, General Electric Co’s Baker Hughes reported.
A higher rig count, rise in U.S. crude production, which is already up by more than 15% since mid-2016 to 9.71 million barrels per day (bpd). That’s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.
The number of oil rigs at 751 versus 498 a year ago and gas rigs in the US at 180, up from 125 a year ago.
The Permian Basin added 3 rigs for the week, bringing the total count in the shale patch to 400 compared to 246 a year ago.
Eagle Ford, Haynesville, and Marcellus all added three rigs this week.
the Permian cracked the 400 mark for oil rigs, up by three from last week and a 63% jump from the 246 working during the same week in 2016.
Source: Baker Hughes, TradersCommunity, Reuters