US Rig Count Sinks by 73

US Rig Count Sinks by 73
The Permian lost 33 rigs, continuing its weekly trend of steep, double-digit declines.

The U.S. rig count is down 73 rigs from the previous week to 529, with oil rigs down 66 to 438, gas rigs down seven at 89, and miscellaneous rigs unchanged at two, according to current numbers from Baker Hughes.

Year on year, the U.S. rig count is down 483 rigs from last year's 1012, with oil rigs down 387, gas rigs down 98, and miscellaneous rigs up two to two.

The U.S. Offshore Rig Count is down one at 17 and down six year-over-year, according to Baker Hughes.

Meanwhile, in Canada the rig count dropped five rigs from the previous week to 30, with oil rigs up one to seven and gas rigs down six to 23. The region is down 36 rigs from last year's 66, with oil rigs down 12 and gas rigs down 24.

The following states dropped rigs last week:

Alaska   -3

Louisiana -2

New Mexico -9

North Dakota -7

Oklahoma -2

Texas -40

Utah -1

West Virginia -4

Wyoming -4

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

Cana Woodford -2

Eagle Ford -9

Haynesville -3

Marcellus -3

Permian -33

Williston -7

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Jim Underwood  |  April 24, 2020
Once the COVID 19 settles down and people return to work, the over abundance of oil will drop rapidly as business come back online. The freeways will fill back up and airplanes will be back in the air. My suggestion is to find stocks and buy as much stock of usually high priced stocks such as Haliburton now.

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