Rig Count Holds Steady

Baker Hughes reported on Friday, May 20, that the weekly rig count held steady for the first time in 2016. The count is holding at 318, the lowest level since October 2009. Drillers have added only one rig in 2016, during the week of March 18. On average, drillers have cut 11 oil rigs per week, totaling 218 in the first five months of the year. In 2015 drillers cut an average of 18 rigs per week. With oil at $48 per barrels, analysts expect the count to stop falling and slowly begin to rise by the end of the year.