Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
Current /CL:NMX Stock Info

Total rig count continued to decline for the fourth straight week

The U.S. total rig count continued its decline this week, according to the information released by Baker Hughes (ticker: BHI) today. The rig count stood at 842, down 6 from last week, due to losses from rigs drilling for oil.

Eight oil-drilling rigs were shuttered-in this week, bringing the count down to 644 rigs. Rigs drilling for gas saw a slight uptick this week, adding two to the total for 198 rigs. The added machines to the gas rig count reverses five weeks of the count either declining or holding steady at the previous week’s mark.

Louisiana and North Dakota saw the most significant declines in rig counts over the last week, each losing three. Texas, which lost 20 rigs over the course of the last two weeks, saw a decline of just one in this week’s rig count. Colorado, New Mexico, Ohio, and Utah all gained one rig each.

The rig count in Canada continued to fall for the fifth consecutive week, falling by three to 182 total rigs. The Canadian rig count has declined by 14 rigs so far in the month of September.

U.S. benchmark West Texas Intermediate (WTI) is down $1.51 as of 1:30 EST, after making gains of $2.54, or 5.7%, on Wednesday.


Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.