Baker Hughes US oil drilling rig count 441 vs 443 prior

Weekly drilling rig data from Baker Hughes

• First decline since June 24 week


• Prior was 443


• Natural gas rigs 114


• Prior natural gas was 108


• Total rigs 557


• Prior total rigs were 553

The number of oil rigs bottomed out at 316 in late May but despite the jump, production still hasn"t picked up. It will, it"s just a matter of the time lag.

I wouldn"t read too much into one week of declines because rigs jumped 11 last week so it puts it back on trend.

What is a bit positive for oil is that there isn"t an upward acceleration of rigs in response to higher prices but that might just be a matter of time if crude stays around $50.

Baker Hughes US oil drilling rig count 441 vs 443 prior
Baker Hughes US oil drilling rig count 441 vs 443 prior
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