U.S. Rig Count Continues to Decline

According to the latest Baker Hughes rig count, the U.S. rig count has declined by 17 rigs from last week to 301 rigs. Oil rigs fell by 15 to 222; gas rigs lost two to fall to 77; and miscellaneous rigs were unchanged at two.

The current U.S. count is down 683 rigs from last year’s 984, with oil rigs down 578, gas rigs down 107, and miscellaneous rigs up two to two.
The U.S. offshore rig count is unchanged from last week, at 12, but is down 11 year-over-year.

In Canada, the rig count is one less than last week to 20, with oil rigs down one to seven total and gas rigs unchanged at 13.
Canada’s rig count is down 65 units from last year’s count of 85, with oil rigs off by 37 and gas rigs falling by 28.

Additional information on the Baker Hughes Rig Count is available at http://bakerhughes.com/rig-count.

SOURCE: The Weekly Propane Newsletter, June 4, 2020. 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.