The Rig Count Collapse Is Far From Over
By Julianne Geiger - Nov 08, 2019, 12:21 PM CST
The US oil and gas rig count fell again this week, according to Baker Hughes, continuing the downward trend with a drop of 5 rigs for the week, according to Baker Hughes. This week marks eleven decreases out of the last twelve weeks.
But the decline is unlikely to have a lasting or even immediate effect on prices.
The total oil and gas rig count now stands at 817, or 264 down from this time last year.
The total number of active oil rigs in the United States decreased by 7 according to the report, reaching 684. The number of active gas rigs held fast at 130. Miscellaneous rigs this week rose by 2.
Oil rigs have seen a loss of 202 rigs year on year, with gas rigs down 65 since this time last year.
By state, Texas has seen a drop of 119 year on year, while Oklahoma sunk by 97 to hit 57 rigs.