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US Crude Oil Rig Count Hits a Three-Year High

Gordon Kristopher
US Crude Oil Rig Count Hits a Three-Year High

Baker Hughes, a GE company (BHGE), published its US crude oil rig count report on July 6, indicating that the US crude oil rig count rose by five last week to 863, its highest level since March 2015. The rig count has risen by 100 (~13.1%) year-over-year. Active WTI oil futures have risen ~73.6% since June 21, 2017, and the iShares US Oil Equipment & Services ETF (IEZ) has risen ~18.6%.