Rig count down from the previous week and crude futures have jumped 200% over the past 10 weeks.
As of July 1, the total U.S. rig count is down 14 from the previous week. According to Enverus, the U.S. rig count over the past month has been relatively flat with around 300 rigs. Since the beginning of the year, the number of rigs operating has fallen by 64%. The Permian Basin currently accounts for 45% of the active rigs (approximately 120 rigs in New Mexico and West Texas) and has lost approximately 15% of its rigs in the last month and is down by 66% (year-over-year).
Prices are still down about 34% since January due to the demand impact of the coronavirus. Baker Hughes said that U.S. crude futures have jumped 200% over the past 10 weeks to about $40/bbl as of July 2 on hopes global economies will snap back as governments lift lockdowns.
Analysts said higher oil prices will encourage energy firms to slow rig count reductions and possibly start adding some units later this year.
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