2/10, Jamerson, Subscription Publication The Wall Street Journal (Ruters and Fuel Fix also reported)

Thursday, January 25, 2018

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The Wall Street Journal (2/10, Jamerson, Subscription Publication) reports Baker Hughes said that the number of oil rigs drilling in the US increased by 8 last week, bringing the total to 591. The gas rig count increased by 4 to 149, while offshore rigs fell by 1 to 21. Reuters (2/10, DiSavino) reports the data shows the average rate of rig additions over the past four weeks increased to 17, the highest rate since February 2012. Raymond James said in a note that it expects the combined oil and natural gas rig count to be 850 in 2017. Fuel Fix (TX) (2/10) reports the Permian Basin led the increase by adding six more rigs. Texas added a total of seven rigs, while four were added in New Mexico, two in Louisiana, two in West Virginia and one in Pennsylvania. Ohio and Wyoming each lost two rigs.