Canadian Rig Counts Tumble

According to the most recent Baker Hughes Rig Count, released Dec. 30, the U.S. Rig Count increased by three rigs to reach 351 rigs. Oil rigs rose by three to 267, gas rigs were unchanged at 83, and miscellaneous rigs were also unchanged for a total of one.

The U.S. rig count was off 445 rigs from last year’s count of 796, with oil rigs down by 403, gas rigs down 40, and miscellaneous rigs decreased by two.
The U.S. offshore rig count was unchanged at 17, and is off by five year-over-year.

The Canada rig count fell by 23 from a week earlier to 59, Baker Hughes reported. Oil rigs fell by 13 to 18, while gas rigs declined by 10 to 41.
The Canada rig count was 26 rigs lower than last year’s count of 85, with oil rigs off by nine and gas rigs down by 17.

SOURCE: The Weekly Propane Newsletter, January 7, 2021. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.