- REUTERS/Jim Urquhart
The US oil-rig count climbed for a second-straight week, by seven to 414, according to driller Baker Hughes.
The gas-rig count increased by four to 92. With miscellaneous rigs unchanged at two, the total rig count rose by 11 to 508.
Last week, the oil-rig count resumed its climb after a one-week pause. The number of active rigs totaled 407, with one rig brought online.
This tally has gained in 10 out of the last 11 weeks.
In a note on Friday, Morgan Stanley analysts wrote that the recent gain in the US oil-rig count is one reason why they are losing conviction in their call for a re-balancing of the market by mid-2017. A re-balancing would bring supply, which is in excess right now, more in line with demand, which has room to increase.
“The US continues to surprise, and the market seems to be underestimating the impact of some rigs that have already been added,” Adam Longson and his team wrote.
Here’s the latest chart of the rig count:
- Andy Kiersz/Business Insider