00:20 GMT +323 May 2018
Listen Live
    oil derricks

    US Oil-Gas Rig Count Continues to Drop – Baker Hughes

    © Sputnik / Ilya Pitalev
    Business
    Get short URL
    0 44

    The US oil rig count dropped to 1,019 on Friday compared to 1056 last week. Since an October 10 high of 1,609, the US oil rig count has dropped nearly 37 percent.

    WASHINGTON (Sputnik) — The number of oil rigs in the United States dropped by 37 in the past week as energy companies have slowed down their search for oil in the face of crude oil prices 50 percent below summer highs, according to weekly data compiled by the US-based oil service company Baker Hughes.

    The US oil rig count dropped to 1,019 on Friday compared to 1056 last week. Since an October 10 high of 1,609, the US oil rig count has dropped nearly 37 percent.

    Benchmark West Texas Intermediate Crude oil prices hovered below $51 a barrel on the New York Mercantile Exchange (NYMEX) on Friday, down from a high of nearly $100 per barrel in June last year.

    The number of gas rigs also dropped by 11 to 289 in the past week, a 15.5 percent decrease from the 342 gas rigs the same time last year.

    NYMEX natural gas traded at $2.95 per MMBtu [million British Thermal Units]on Friday compared to a $6 peak last February.

    Oil companies and service companies have announced layoffs and cuts in exploration and drilling in the wake of sharp oil price declines.

    Baker Hughes has tracked rotary rig counts since 1944 as a service to the petroleum industry. “The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers,” according to the company’s website.

    Related:

    US Families to Save $750 on Gasoline in 2015 Amid Low Oil Prices - Obama
    Global Oil Prices Up on US Stockpiles Data
    Gazprom Will Still Have Development Options at $30 Oil Price
    Russia Boosts Oil Sales to China, Japan, South Korea – Reports
    Oil Drilling Begins in Israeli-Occupied Golan Heights - Oil Company
    US Markets Hit Record High, but Global Pessimism Deepens on Oil Uncertainty
    Deputy PM Says Low Oil Prices A Temporary Condition Created to Hurt Russia
    Discoveries of Oil, Gas Reserves in 2014 Lowest in 20 Years – Study
    Oil Prices May Reach $90-110 per Barrel in Long-Term Perspective – Rosneft
    Tags:
    oil prices, oil rig, Baker Hughes, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment