Oil rig count continues to lead decline, shedding 10 this week alone
The total number of rigs drilling in the United States declined every week through the month of November, according to information released by Baker Hughes (ticker: BHI). The total U.S. rig count fell by seven this week to 737 from 744 last week. The total rig count is down 34 rigs over the course of the last month. The rig count stood at 771 in the first week of November.
Rigs drilling for oil continue to lead the plunge in overall rig count numbers, with the total this week at 545. The count was 10 higher last week, and 1,030 higher in the same week of last year.
The gas rig count grew from last week, according to BHI, with the total for the week ended December 4, 2015, reaching 192. The number of machines drilling for gas last week was three lower at 189 total rigs. The gas rig count has been less affected by the steep decline in oil prices, with the count down 152 rigs, or 44%, from last year, as opposed to the 65% decline in oil rigs.
Most of the lost rigs this week came from Louisiana and Texas, which lost four rigs and three rigs, respectively. Oklahoma and Wyoming both reported two added rigs to their counts this week.
The Canadian rig count gave back some of its count this week, reporting seven fewer rigs this week than last. The Canadian count saw an 11% build in the week ended November 25, and even with the seven rig decline this week, is still higher than the 166 rigs reported in the week ended November 20.
