US active oil and gas drilling rigs from Baker Hughes:
- Total rigs 876
- Prior total 857
- Natural gas rigs 214
- Prior natural gas 216
- Prior oil 638
- Horizontal rigs +12
This is bearish for oil. US producers are drilling more despite falling prices. There's other evidence of a pickup as well. Pipeline producer NuStar Energy revealed today it was increasing capacity in key shale areas, which is a sign that more oil is expected to come online.
US active oil rigs are creeping up
