US Drops Eight Oil Rigs This Week
After two weeks of adding oil rigs, the U.S. rig count declined by eight this week, according to data compiled by Baker Hughes, a GE Company.
This week’s declines come as WTI crude prices begin to settle higher after dropping late last year.
The nation’s oil rig count is now 877. The number of gas rigs remained flat this week.
California lost five rigs this week, followed by Louisiana (which lost two) and New Mexico and Wyoming – who lost one rig apiece.
Meanwhile Alaska and Texas added two rigs apiece while Colorado added one rig.
All rig counts in the major basins remained flat this week, with the exception of the DJ-Niobrara and the Permian, which added one rig apiece. The Permian accounts for more than half of the nation’s oil rigs.
The total number of active rigs in the U.S. is now 1,075 – higher than the count of 924 one year ago.
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