U.S. Rig Count Continues to Decline

The July 10 Baker Hughes U.S. rig count shows a decrease of five rigs from a week prior, falling to 258 units. Oil rigs were down four to 181; gas rigs off one to 75; and miscellaneous rigs unchanged at two.

U.S. rig count is down 700 rigs from last year's count of 958, with oil rigs down 603, gas rigs off 97, and miscellaneous rigs unchanged at two.

The U.S. offshore rig count is unchanged at 12, a decline of 14 year-over-year.

The Canada rig count is eight rigs higher than the week prior at 26 units, with oil rigs unchanged at six and gas rigs up eight to 20.
Compared to last year’s count of 117, the Canada rig count is down 91 rigs to 26 units. Oil rigs and gas rigs are also lower at 79 and 12 rigs, respectively.
Additional information is available at http://bakerhughes.com/rig-count.

SOURCE: The Weekly Propane Newsletter, July 16, 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.