US Crude Oil Rigs Rose the Most since June 2017

Baker Hughes released its weekly oil and gas rig count report on November 10, 2017. It estimated that US oil rig counts rose by nine to 738 on November 3–10, 2017—the biggest weekly addition since June 2017. Oil rigs rose because US crude oil (DTO) (DWT) (UWT) prices are trading near a 30-month high. Rigs rose 1.2% week-over-week and 63.3% year-over-year.

Higher oil prices benefit oil producers (VDE) and oil drillers (IEZ) like Atwood Oceanics (ATW), Diamond Offshore Drilling (DO), Hess (HES), and Devon Energy (DVN).

US oil rigs hit a record 1,609 in October 2014. On the other hand, the rigs tested 316 in May 2016—the lowest level since the 1940s. The rigs have risen by 422 or 134% since May 2016…

 

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