US Rigs Fall For Another Week

For the week, the U.S. Baker Hughes rig count of oil and natural gas rigs operating fell by 7 to 623, notching another week of declines; five of the rigs were in the Permian Basin. Over the one-year period, the rig counts showed a big loss of 142 rigs. Last week, U.S. energy firms cut the rig count for the first time in three weeks.

Canadian rig counts increased by one for the week but were down 22 from the year-ago period. International rig counts are released monthly.

Released weekly, Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944. The Rig Counts are an important business barometer for the drilling industry and its suppliers and act as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons. There are separate rig counts for the U.S., Canada and international.

Oil prices were trading down at the time of the rig release but were still up for the week.

 

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