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Domestic Guargum prices are spurting on hopes of increasing export demand owing to a revival in US oil drilling activity. Guargum is a key material used used during the oil extraction process in an oilfield. NCDEX Guargum futures for March Are up 2.5% to Rs 6909 per tonne right now. The counter has gained around 10% in last one month. Spot Guargum is quoting around Rs 6730 per tonne in Jodhpur, up 2% on the day. These are the highest levels in last 15 months for the commodity. 

 US crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015. Increased drilling activity in the Permian in Texas and New Mexico as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM) more than offset declining production from other regions in the fourth quarter of 2016. In the Permian, increases in the West Texas Intermediate (WTI) crude oil price, up from averaging near $30 per barrel (b) in the first quarter of 2016 to $45/b or higher beginning in the second quarter of 2016, contributed to new drilling. Current crude oil prices above $50/b, combined with increasing rig counts in other onshore basins, suggest US crude oil production will likely continue to increase.