Steel Markets
November 7, 2014
Active Oil & Gas Rigs Down Over Last Week, Up Over Last Year
Written by Brett Linton
With crude oil prices breaking through $80 per barrel, all eyes are on the Baker Hughes rig count data. The question is will the lower oil prices affect the number of wells being drilled be affected? Most assume there will be an impact however, it could have a lag effect and take time before there is a substantial change in the numbers. Steel Market Update will be watching the numbers closely since a reduction in drilling rigs will have an impact on steel usage.
According to Baker Hughes data from November 7th 2014, the U.S rig count for this week is 1,925 rigs exploring for or developing oil or natural gas. This count represents a decrease of 4 rigs compared to last week, with oil rigs down 14 to 1,568 rigs, gas rigs up 10 to 356 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to last year the 1,925 count is an increase of 171 rigs, with oil rigs up by 185 gas rigs down by 9, and miscellaneous rigs down by 5.
