US Rig Count Continues its Decline

US Rig Count Continues its Decline
The nation dropped seven oil rigs while the number of gas rigs remained flat.

The U.S. dropped seven oil rigs this week, while the number of gas rigs remained flat, according to weekly data from Baker Hughes Company.

This marks the nation’s fourth consecutive week for rig declines and brings the total number of active rigs to 817. This is down 264 from the count of 1,081 one year ago.

Monthly data released Thursday from Baker Hughes shows that the U.S.’ average rig count in October 2019 was 848, down 30 from September and down 214 from October 2018.

New Mexico led all states in rig declines this week, posting a loss of four rigs. Texas idled three rigs while North Dakota idled one rig. Alaska and California added one rig apiece.

Among the major basins, the Permian suffered the most losses at four rigs. The Permian now has 412 active rigs, accounting for more than half of the nation’s total.

The Eagle Ford shed three rigs this week while the Williston dropped one rig.

The Cana Woodford added one rig.

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John  |  November 11, 2019
Seems like a repeat of 1984 Thru 1999. This is a overdue correction, low oil prices will stay for another 10 years