• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

U.S. oil & gas rig count falls to record low for 10th week

July 10, 202011:31 AM Reuters0 Comments

Permian Basin Drilling Rig
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row but the rate of decline has slowed as higher oil prices prompt some producers to start drilling again.

The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 258 in the week to July 10, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

That was 700 rigs, or 73%, below this time last year.

U.S. oil rigs fell by four to 181 this week, their lowest since June 2009, while gas rigs dropped by one to 75, matching its record low hit a couple of weeks ago, according to data going back to 1987.

More than half of the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units dropped by one this week to a fresh record low of 125, according to data going back to 2011.

The U.S. Energy Information Administration (EIA) projected a fall in domestic crude output to 11.6 million barrels per day (bpd) this year from a record 12.2 million bpd in 2019, while global petroleum and other liquid fuels consumption will drop to 92.9 million bpd in 2020 from a record 101.0 million bpd in 2019.

Even though U.S. oil prices are still down about 34% since the start of the year due to coronavirus demand destruction, U.S. crude futures have jumped 113% over the past three months to around $40 a barrel on Friday on hopes global economies will snap back as governments lift lockdowns.

Analysts said higher oil prices will encourage energy firms to slow rig count reductions and possibly start adding some units later this year.

 

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Canada unveils GHG reduction credits to boost carbon trading market
  • Canada’s weekly rig count drops 5 to 172
  • AER suspends SanLing Energy Ltd.’s operations
  • U.S. drillers add oil and gas rigs for second week in a row
  • Tamarack Valley Energy upsizes previously announced financing

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.