Weekly oil and gas drilling data from Baker Hughes
- Prior was 423
- Total rigs 533 vs 528 prior
- Gas rigs 99 vs 99 prior
- Canadian rigs +2
- International rigs +10
Drill baby drill ain't what it used to be but this is the fifth straight week of rig increases. The sustainability of the oil rally largely hinges on whether or not US drillers do what they've done for the past decade or show some discipline. I'd bet on the latter.
WTI has cooled to $79.30 from a high of $80.11. It's still up 1.5% on the day.
