The Baker Hughes active U.S. rig count shows another drop this week
The Baker Hughes (ticker: BHI) weekly rig count for the week ended March 13, 2015, shows rig counts falling for the fourteenth straight week. The total number of active rigs in the U.S. fell by 67 to 1,125, down 6% from last week’s report.
Rigs drilling for oil continued to go offline in greater numbers than those looking for gas, following the trend seen since price of oil began its slide in October 2014. Oil rig counts fell 56 this week to a total of 866, while 11 rigs drilling for gas were taken offline, bringing its respective U.S. total to 257.
The Permian Basin saw the steepest decline in rigs, losing 22 since last week. The current total for rigs in the Permian stands at 311, down 39% from 514 rigs this time last year.
Oil prices were down again today, with WTI down over 4% on the day at $45.00 and Brent at $54.83, also down more than 4%. The International Energy Agency said in its latest report that the fallout from the decline in oil prices “has yet to run its course.” The BHI rig count has not been this low since the total of 1,137 on September 27, 2009, according to Bloomberg.
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