Rig counts fell last week according to Baker Hughes
Baker Hughes (ticker: BHI) latest rig count shows a decline from previous weeks in the number in total U.S. rigs. The count, which includes both oil and gas rigs, fell by 35 last week, to 1,840 from 1,875. Oil rigs were responsible for the decline, with 37 going offline last week, while two new gas rigs came online.
Despite the week-over-week decline in rig counts, the total number of rigs operating is up by 83 from this time last year from 1757. Since last year, 117 oil wells have come online, while 34 gas wells have gone offline.
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