Biggest US Rig Count Rise in a Year: What Does It Change?

29-Jul-2015 According to oilfield service company Baker Hughes (BHI), there were 876 active oil and gas rigs in the United States in the week ended July 24, 2015. This is 19 more rigs than in the previous week, which ended July 17. This is the third weekly rise in the US rig count in the past four weeks. This also marks the biggest increase in the number of active rigs since August 2014. Until the week ended June 19, the US rig count had fallen consecutively for 28 weeks.

With last week’s rise, the four-week average change in the US rig count increased to four. In comparison, the four-week average change was zero for the week ended July 17. Four-week averages offer a smoother view of this trend, which is otherwise quite volatile on a weekly basis. (by Alex Chamberlin, Market Realist)