Oil rigs lead in the decline of the U.S. rig count

The U.S. rig count continues to plummet as the price of oil remains in the low $30 range. The rig count took its biggest hit in the last year on a percentage basis, shedding 8% of the previous week’s total rig count. According to information from Baker Hughes (ticker: BHI,

The majority of the loss rigs came in the form of machines drilling for oil this week, with the total falling to 467 from 498 a week ago. The number of rigs drilling for oil is now 673 fewer than at this time last year.

Gas rigs saw a larger decline on a percentage basis, closing out the week at 104, down 14% from 121 last week.

The Granite Wash play saw the steepest decline in rigs this week, losing five total, and leaving just eight rigs active in the play. The Eagle Ford also saw four fewer rigs this week, with almost every other play recording either a loss or no change. The only play to add a rig this week was the Barnett, which saw one rig added for a total of four in the play.

The number of rigs active in Canada rose this week to 242 after dropping to 231 last week. Drilling in Canada is highly seasonal, with the Canadian rig count up 192% since the beginning of the year.

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