US Drilling Activity Edges Upwards Amid Neutral Oil Prices
The Baker Hughes Rig count for the current week showed a slight increase in drilling activity across the United States. The total U.S. rigs count rose by one to 580, with oil rigs remaining unchanged at 445 and gas rigs increasing by one to 126.
The price of crude oil is currently trading at $71.20, down $0.88 or -1.21% on the day. Despite this decline, the technical bias remains neutral, as the price hovers between the 100 hour moving average ($71.70) and the 200 hour moving average ($70.32).
The Baker Hughes U.S. Rig Count is a closely watched indicator in the energy market, providing real-time insight into drilling activity across the United States. The report's influence can be seen in WTI crude oil prices, natural gas prices, energy stocks (XOM, CVX, SLB, HAL, Baker Hughes), and even Canadian energy shares and the Canadian dollar.