Rig Counts On The Rise

According to the most recent Baker Hughes Rig Count, released Jan. 8, the U.S. Rig Count increased by nine rigs to reach 360 rigs. Oil rigs increased by eight to 275, gas rigs added one to 84, and miscellaneous rigs were unchanged for a total of one.

The U.S. rig count was down 421 rigs from last year's count of 781, with oil rigs down by 384, gas rigs down 35, and miscellaneous rigs decreased by two.
The U.S. offshore rig count held unchanged at 17, and is off by four year-over-year.

The Canada rig count added 58 from a week earlier to 117, Baker Hughes reported. Oil rigs added 35 to reach 53, and gas rigs increased by 23 to total 64.
The Canada rig count was down 86 rigs from last year’s count of 203, with oil rigs off by 67 and gas rigs down 19.

SOURCE: The Weekly Propane Newsletter, January 14, 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.