Rig Count Continues Downward

According to the latest Baker Hughes Rig Count, the U.S. count declined by 62 units last week to 602 rigs. Oil rigs slipped by 58 to 504; gas rigs were off by four at 96 in operation; and there was no change in miscellaneous rigs, holding steady at two.

Comparing year-over-year, the U.S. Rig Count is 420 rigs lower than from last year’s count of 1022, as oil rigs fell by 329 and gas rigs were down 93 while miscellaneous rigs added two for a total of two.

In Canada, the Rig Count is down by six from last week to 35 rigs, with oil rigs off three to six and gas rigs down three to total 29. Compared to a year earlier, Canada’s count is down 31 rigs from last year’s total of 66, with oil rigs off by 12 units and gas rigs down 19.

The Baker Hughes Rig Counts are a business barometer for the drilling industry and its suppliers. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing, and processing hydrocarbons.

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

SOURCE: The Weekly Propane Newsletter, April 16, 2020. Subscribe for all the latest posted and spot prices from all major terminals and refineries around the U.S. delivered to your inbox each week. A center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary and much more included.