US oil and gas rig count fell to 622 for the week ending March 8 according to Baker Hughes, declining by seven vs. last week after two consecutive weeks of gains. The Haynesville (-3), Permian (-2) and All Other (-2) all lost rigs, while no basins reported gains. Total US rig count is down four in the last 90 days, and down 123 vs. this week a year ago. Oil directed rigs (-2), gas directed rigs (-4) and miscellaneous rigs (-1) all contributed to this week's decline.
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- Analyst Insight
After Five Consecutive Weeks Of Growth, Rig Count Starts March With Small Decline
After five consecutive weeks of gains, US oil and gas rig count began the month of March with a small decline, falling by one rig to 592 for the week ending March 7 according to Baker Hughes. Rigs were added in the Eagle Ford (+1) and Gulf of Mexico (+1), while the Haynesville (-2) and Permian (-1) both lost rigs. Total US rig count is up three in the last 90 days, and down 30 vs. this week a year ago. Gas-directed rigs fell to 101 (-1) this week, while oil-directed rigs were flat at 486 and miscellaneous rigs held at five.
- Analyst Insight
US Rig Count Posts Small Weekly Decline, Falls To 588
Following last week's gains, US oil and gas rig count fell this week, declining by two rigs vs. a week ago and falling to 588 for the week ending September 20 according to Baker Hughes. One rig was added in the Permian, while the Niobrara, Gulf of Mexico, and All Other each lost one rig. Total US rig count is flat in the last 90 days, and down 42 from this week a year ago. Oil-directed rigs (488) were flat for the week, while gas-directed rigs (96) and miscellaneous rigs (4) both declined by one vs. a week ago.
- Analyst Insight
Permian Basin Leads Decline In US Rig Count
The Permian Basin led this week's decline in oil and gas rig count with total US rigs falling to 632, a decline of 10 vs. a week ago according to Baker Hughes.
