Active Rig Count - April 1

[dan_s]

Baker Hughes reported the active oil rig count fell by another 10 rigs to 362 for the week ending April 1. The total number of active oil and gas rigs declined by 14 to 450. This is the fifteenth week in a row the combined oil and gas rig count has declined, now at a record low level.

Each week is another record low for the active rig count and I expect it to keep falling for several months.

http://sacredheartspectrum.com/2016/04/ ... -time-low/

[dan_s]

Total North American active rig count declined by 20 last week. We are now under 500 active rigs in North America, compared to 1,128 a year ago. This is truly amazing and it will result in an acceleration of production declines in both the U.S. and Canada this summer.

U.S.
> Rigs drilling for oil is down another 10 to 362, compared to 802 a year ago and 1,609 in October 2014.
> Rigs drilling for gas is down another 4 to 88, compared to 222 a year ago.

Canada now has only 11 rigs drilling for oil. The Canadian oilfield services sector is really in the tank.