Rig Counts Rise Again

According to the most recent Baker Hughes Rig Count, released Jan. 15, the U.S. Rig Count increased by 13 from the previous week to reach 373 rigs. Oil rigs increased by 12 to 287, gas rigs added one to 85, and miscellaneous rigs were unchanged for a total of one.

The U.S. rig count was down 423 rigs from last year’s count of 796, with oil rigs down by 386, gas rigs down 35, and miscellaneous rigs decreased by two.
The U.S. offshore rig count was down one to 16, and is off by four year-over-year.

The Canada rig count added 44 from a week earlier to 161, Baker Hughes reported. Oil rigs added 37 to reach 90, and gas rigs increased by seven to total 71.

The Canada rig count was down 83 rigs from last year’s count of 244, with oil rigs off by 62 and gas rigs down 21.

Source: The Weekly Propane Newsletter, January 21, 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.