Baker Hughes reports U.S. rig count down 6 to 940 rigs

Baker Hughes (BHGE) reports that the U.S. rig count is down 6 rigs from last week to 940, with oil rigs down 4 to 759, gas rigs down 2 to 180, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is up 451 rigs from last year’s count of 489, with oil rigs up 353, gas rigs up 99, and miscellaneous rigs down 1 to 1.

The U.S. Offshore Rig Count is up 1 rig from last week to 17 and unchanged year-over-year.

The Canadian Rig Count is up 3 rigs from last week to 217, with oil rigs down 6 to 115 and gas rigs up 9 to 102.

The Canadian Rig Count is up 71 rigs from last year’s count of 146, with oil rigs up 31 and gas rigs up 40.

OIL PRICES

Oil is higher and gasoline futures jumped as traders braced for Hurricane Harvey’s impact on the U.S. refining hub on the Gulf Coast. Harvey’s approach has depressed demand for crude with about 1 million barrels of daily refining capacity already shut.

Brent for October settlement gained 38 cents to $52.42 a barrel on the London-based ICE Futures Europe exchange.

West Texas Intermediate for October delivery is up 15 cents to $47.58 a barrel on the New York Mercantile Exchange.

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This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.