US oil rigs down 6 in the past week. I'm surprised to see oil rigs dropping despite higher recent oil prices but producers are showing discipline. That certainly adds some downside risks to year-end US production estimates. US gas production has also been dropping fast and that's a big reason why natty is up almost 6% today. • Oil rigs 499 vs 506 prior • Gas rigs 102 vs 105 prior (full story)

The number of oil rigs in the United States stood at 499 in the week ending May 3, according to the Baker Hughes weekly rig count released on Friday. The number was down by 7 compared to the previous week. The number of US gas rigs decreased by 3 during the same week to hit 102, bringing the total number of rigs in the country to 605. Compared to the same period a year earlier, the number of US oil rigs was down by 89. In Canada, the number of rigs rose by 2 to 120. The number of oil rigs in Canada increased by 4 to 60, while the number of gas rigs declined by 2 to 60. Canada's oil rig count was up by 26 from the ... (full story)