Steel Guru : Rays of recovery – US rig count rises to 18 year high for second week.
Rig count continues to rise and the oil rig count is now higher than at any point since 1991.
According to a data published by Baker Hughes, oil rigs operating in the US rose last week to a 18 year high for the second week in a row, helping boost the country’s overall rig count to the most since January 2009.
As per report, oil rigs increased by 8 to 474, the highest level since December 13th 1991, when oil prices were trading at about USD 20 a barrel. The oil rig count has more than doubled from a low of 179 in June 2009, as prices have risen 17%.
The combined oil and gas rig count increased by 20 or 1.4% to 1,427, the highest level since January 30th 2009. It reached a 22 year high in 2008, peaking at 2,031.
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Written by Rig Report
Topics: Rig Count