UPDATE: Baker Hughes Total U.S. Rig Count Increases by 11 to 508, Oil Rigs Up 7

September 9, 2016 1:00 PM EDT

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(Updated - September 9, 2016 1:06 PM EDT)

Baker Hughes Total U.S. Rig Count increased by 11 to 508. Oil rigs increased by 7 to 414 and gas rigs increased by 4.



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Comments

Corrected: No Correlation
M D on 2016-09-09 13:19:47
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Last week Crude oil supply sharply dropped by 14.5 mn bpd & with this rig count data we saw rig count going up by 11. This proves that there is no correlation between crude oil production & rig count really. As I said earlier US total rig count can rise upto 700 in short to medium term while 1000-1100 in long term of 3 years. But that will not help in raising production really.

No correlation
M D on 2016-09-09 13:18:33
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Last week Crude oil supply sharply dropped by 14.5 mn & with this rig count data we saw rig count going up by 11. This proves that there is correlation between crude oil production & rig count really. As I said earlier US total rig count can rise upto 700 in short to medium term while 1000-1100 in long term of 3 years. But that will not help in raising production really.


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