The number of active oil and gas rigs in North America including United States and Canada took a steep dive this week, dipping 25 rigs—the third straight weekly loss.
The total oil and gas rig count in the United States now stands at 913 rigs, up 360 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of natural gas rigs decreasing by 8.
The oil rig count now stands 293 above the count one year ago, shedding a total of 32 oil rigs in the last ten weeks. Natural gas rigs have fallen four rigs in the last 10 weeks.
The biggest losers last week by basin were the Eagle Ford (-6) and Barnett (-4). This week, it’s the Permian (-6) and Haynesville (-3) basins that took the brunt of the cuts.
At 14 minutes after the hour, WTI had regained some ground at $51.46, with Brent crude trading at $57.28.