U.S. Rig Count Slumps While Canada’s Rises

Baker Hughes’ U.S. rig count shows that weakness continues in the U.S. Over the last week, the count has fallen by two for a total of 251 rigs. The number of oil rigs increased by one to 181, gas rigs were down three to 68, and miscellaneous rigs were unchanged at two.

Compared to last year, the count is down 695 rigs from a year earlier’s total of 946 rigs. Oil rigs are down 595, gas rigs down 101, and miscellaneous rigs up one to a total of two.The U.S. offshore rig count is unchanged at 12 and is 13 less year over year.

In Canada, the rig count jumped by 10 for a total of 42 rigs. Oil rigs added four units to total 10, while gas rigs increased by six for a total of 32.

Year-over-year, Canada’s rig count is down to 85 rigs from last year’s 127. Oil rigs posted a loss of 75 rigs while gas rigs were down 10.

SOURCE: The Weekly Propane Newsletter, July 30, 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.