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 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.
