November 7, 2015 0
Data showed on Friday, the US energy companies reduced the number of oil rigs running for the tenth week in a row, but the pace of decline slowed compared with the past few weeks.
She said Baker Hughes oil services company in its report, which paced follow-up document that drilling companies have removed 6 oil rigs this week, the total number of rigs running to drop to 572, the lowest number since June 2010.
This is equivalent to about one-third the number of rigs that were running in like a year ago this week, which amounted to 1568 rigs. Over the ten weeks it reduced the number of companies drilling rigs increased by 103.
Traders noted in the energy markets that oil drilling rigs cuts rate over the last two monthly - about 11 rigs on average - far less than the decline which averaged 19 rigs over the twelve months since the record number of rigs a peak of 1609 in October 2014 with among other reasons due to the limited expectations of increases in crude prices in the future.
With the decline in the number of oil rigs this week, the total number of oil and gas rigs fell to its lowest level in 13 years despite the addition of two gas rigs.
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