The number of drilling rigs operating in the United States continues to decline. It dropped by 7 to 737, compared to 1,920 active rigs just a year ago.
Rigs drilling for oil dropped 10 to 545, compared to 1,575 a year ago.
Rigs drilling for gas increased by 3 to 192, compared to 344 a year ago.
The number of rigs operating in Canada also dropped by 7 to 177, compared to 422 a year ago.
I am expecting the active rig count to continue to fall until oil prices get back to $60/bbl. Upstream companies will announce significant cuts to capital spending for 2016.
Active Rig Count - Dec. 4
Active Rig Count - Dec. 4
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group