U.S. Rig Counts Continue to Grow

According to the most recent Baker Hughes Rig Count released Dec. 18, the U.S. Rig Count added eight rigs to the previous week’s total to reach 346 rigs. Oil rigs were up by five to 263, gas rigs rose by two to 81, and miscellaneous rigs were higher by one to total two.

The U.S. rig count was down 467 rigs from last year’s count of 813, with oil rigs off by 422, gas rigs down 44, and miscellaneous rigs off by one.
The U.S. offshore rig count rose by three to 16, but is down by eight year-over-year.

The Canada rig count fell by nine from a week earlier to 102, Baker Hughes reported. Oil rigs were down 11 to 41, and gas rigs added two to total 61.
The Canada rig count was down 47 rigs from last year’s count of 149, with oil rigs off by 47 and gas rigs unchanged.

SOURCE: The Weekly Propane Newsletter, December 23, 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.