The front futures have recovered some of their earlier losses with a few minutes left in the open outcry session. $2.747 last, down 5.5 cents.
From Oil & Gas Journal:
The US rig count fell by 16 units during the week ended Aug. 24. The total number of rotary rigs in the US reached 1,898 this week, Baker Hughes Inc. reported. This compares with 1,975 rigs during the comparable week last year.
Land drilling operations were down 13 units from a week ago, reaching 1,830 units. There were 18 rigs drilling in inland waters, down 2 units from last week.
Of the total, 50 rigs were drilling offshore, a decrease of 1 unit from a week ago. Of these rigs, 49 were drilling in the Gulf of Mexico, up 1 unit from last week.
Of the recent week’s total, oil rigs were down by 17 units from the previous week, reaching 1,408. Gas rigs, meanwhile, increased 2 units to 486. Four active rotaries were unclassified, a decline of 1 unit from last week....MORE