HomeMarket NewsBaker Hughes Survey Shows Uptick in Rig Count After Dropping for Weeks

Baker Hughes Survey Shows Uptick in Rig Count After Dropping for Weeks

Actionable Trade Ideas

always free

Working Pumpjacks On Sunset

imaginima/E+ via Getty Images

In a surprising turn of events, the total number of active drilling rigs in the U.S. has experienced a 2-rig surge, reaching 618. This rise comes after enduring consecutive weeks of plummeting numbers, as unveiled by the latest survey conducted by Baker Hughes.

The drilling rigs with a focus on crude oil in the U.S. saw a substantial 6-rig increase, soaring to 500, marking the most significant weekly uptick since February. In contrast, gas rigs dwindled by 4, settling at 114, while 4 rigs retained their classification as miscellaneous.

Notably, rigs specifically aimed at crude oil in the Permian Basin climbed by 4 to 307, while the count of oil rigs in the Eagle Ford region remained stagnant at 47.

The financial market’s Exchange-Traded Funds tangentially impacted by this development include: (NYSEARCA:USO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (UGAZF), (BOIL), (KOLD), (UNL), and (FCG).

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.