Friday, November 17, 2017

US Oil Drilling Rig Count Holds Steady This Week

U.S. energy companies kept the oil rig count unchanged this week, Baker Hughes, a GE company (NYSE: BHGE), said Nov. 17 as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming their 2017 spending plans when prices turned softer over the summer.
Source: Daily Dose of News

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