Rig Count Weekly June 7, 2010

Number of oil drilling rigs fell for 10 for the week ending June 4, 2010:  Number of natural gas drilling rigs fell for 20 rigs in the same time frame.

Offshore drilling ban is a reason for a this kind of a drop. The number of offshore drilling rigs fell for 24, out of which 23 were in the Gulf of Mexico. If the drilling activity stalls for a longer time period (more than a year), the crude oil price could be bound for a new all time high in mid term.

Chart 1. Baker Hughes U.S. Rig Count Change

Source: Baker Hughes

Chart 2. Baker Hughes Weekly U.S. Rig Count

Source: Baker Hughes

Chart 3. Baker Hughes Monthly World Rig Count

Source: Baker Hughes

This entry was posted on Monday, June 7th, 2010 at 3:58 am and is filed under Rig Count Monthly. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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