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Guar Seed News - US Oilrig Counts Down by 69%25 Y o Y Baker Hughes, Guar Gum Demand Lower by 24%25
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US Oilrig Counts Down by 69% Y-o-Y - Baker Hughes, Guar Gum Demand Lower by 24%

As per data released by Baker Hughes, in the last report, the number of oilrigs in USA increased by 10 to 320 compared to 310 previous week and 802 during the same period last year. Total number of oilrigs were recorded at 1,242 in November’20 compared to 4,050 in the corresponding period in last year.
 
The oilrig counts in US are down by 69% in November 2020 compared to the same period last year. Lower rigcount figure means lower guar gum exports. Increasing crude oil demand is likely to improve the rigcount leading increase in the gum demand in coming days.