Rig Recovery into 6th Month

The oil rig count in the U. S. increased by nine last week, making it the 20th week in the last 23 weeks to show an increased rig count. Baker Hughes reports the active rigs in the U.S. now stands at 450. Operators plan to continue adding rigs throughout the remainder of 2016 and into 2017. The key to rig count recovery is the price of crude oil trading at around $50 per barrel. 134 rigs have been added since May 2016, when the count was at its lowest 316. Of the total 81 new rigs were deployed in the Permian Basin, making it the most active drilling region in the U.S.