US Oil Rig Count Down 513 From Last Year

US Oil Rig Count Down 513 From Last Year
The US oil rig count sank to a low not seen since before the shale revolution took off at the beginning of the last decade.

The U.S. rig count is down 34 rigs from the previous week to 374, with oil rigs down 33 to 292, gas rigs down one at 80, and miscellaneous rigs unchanged at two, according to current numbers from Baker Hughes.

Year on year, the U.S. rig count is down 614 rigs from last year's 988, with oil rigs down 513, gas rigs down 103, and miscellaneous rigs up two to two. The Permian Basin continues to have double digit rig declines on a weekly basis, and as of May 8 it had 198 oil rigs running, less than half of its late March count.

The U.S. Offshore Rig Count is down one at 15 and down five year-over-year, according to Baker Hughes.

Meanwhile, in Canada the rig count dropped one rig from the previous week to 26, with oil rigs flat at seven and gas rigs down one to 19. The region is down 37 rigs from last year's 63, with oil rigs down 15 and gas rigs down 22.

The following states dropped rigs last week:

Louisiana -1

North Dakota -6

Ohio -1

Oklahoma -2

Texas -28

The rig counts for all the major basins remained flat except for the following changes:

Ardmore Woodford -1

Eagle Ford -3

Permian -21

Utica -1

Williston -6

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