Twin Butte Energy Ltd TBTEF

market doesn't care about rig count? WTI popped big on the #

[8675309Jenny]

This is the lowest rig count total since the week ending August 6, 2010 and the biggest one-week drop since the week ending April 24, 2015. Rigs targeting oil in the U.S. fell by 26 to 614, adding to the 35 sidelined in the previous four weeks, Baker Hughes said on its website Friday. West Texas Intermediate, the U.S. benchmark crude, rose 1.3 per cent to $US45.30 a barrel at 1.40pm in New York, reversing an earlier decline. Between May and August, drillers added rigs and resumed drilling as the price of oil rebounded to near $60 per barrel in a short-lived rally. The latest rig count is less than half the 1,591 oil rigs in the same week a year ago and also far below the all-time high of 1,609 in October 2014. Price volatility has come to an end as rising stockpiles in the US are conflicting with the nations production, which will only continue to drop. This week, USA oil averaged $45 a barrel, the same as during the month of September, on continued worries about lackluster global demand and oversupply. USA crude oil swung to a gain shortly after the report was released. The number of gas rigs fell by two to 195 and miscellaneous rigs fell by one. Baker Hughes also reported a reduction in natural gas rigs, bringing total USA rigs were to a 13-year low.