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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.


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