Steep US oil rig count drop this week: Baker Hughes

摘要

Houston-The US oil rig count continued to fall this week, dropping by a sizeable 20 rigs, with the largest single loss in the Permian Basin, as oil continued to nest at low levels not seen in 12 years, Baker Hughes said Friday. The oil rig count stood at 516, nearly a third of the 1,421 rigs working a year ago as domestic upstream operators appeared to be whittling down their 2016 capital budgets in lockstep with crude prices currently hovering below $35/b. The lower rig count “is a combination of the false noise we got in late December and the next leg down for oil prices,” Evercore ISI analyst James West told Platts.