Rig Count Continues to Decline

Baker Hughes’ June 19 rig count found that the U.S. was down by 13 rigs to 266 total and Canada was off by four to 17. Of the 13 lost in the U.S. during the week prior, oil rigs were down 10 to 189; gas rigs were off three to 75; and miscellaneous rigs unchanged at two. The U.S. offshore rig count is down two rigs from last week to 11 and down 13 year-over-year.

Comparing year over year, U.S. rig count is down 701 rigs from last year's count of 967, with oil rigs off by 600; gas rigs down 102; and miscellaneous rigs up one for a total of two.

In Canada, the rig count is down four rigs, with oil rigs down two to five and gas rigs down two to 12. Canada rig count is down 102 rigs from last year's count of 119, with oil rigs down 75 and gas rigs down 27.

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

SOURCE: The Weekly Propane Newsletter, June 25, 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.