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U.S. rig count takes another dip

The U.S. rig count fell again this week after a week of no changes to the total count. According to Baker Hughes (ticker: BHI) the total number of rigs drilling in the United States fell to 775 in the week ended October 30, 2015. The number of total rigs in now 60% below its year-ago level.

The drop in the total rig count was led by oil rigs, which saw a 3% drop from last week, shedding 16 rigs from their total, continuing a trend of lower oil rigs for a ninth week. The total number of rigs drilling for oil in the U.S. now stands at 578, 63% less than a year ago.

Rigs drilling for gas some small gains for a third straight week, this week, with the total rising by two rigs to 197 total active in the United States. Despite the small gains, the total number of rigs drilling for gas remains 43% lower than its year-ago level.

Rig counts have seen a precipitous decline following OPEC’s Thanksgiving Day 2014 decisions to maintain production rather than defend prices. The decision caused a fundamental change in the global oil and gas market that saw rig counts in both the U.S. and OPEC fall.

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