Friday, February 6, 2015

US rig count down 87


The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.

That total is the lowest since Mar. 26, 2010, and 315 units fewer compared with this week a year ago. The count has now fallen 10 consecutive weeks, losing 464 units during that time, of which 435 were targeting oil.

The average US rig count for January was 1,683, down 199 from December 2014 and 86 from January 2014.

As I have already written in previous articles I have been moving into select oil companies that should prosper when the tide turns and prices move higher as they must when drilling slows like it has recently.

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