US Rig Count Posts Small Weekly Decline, Falls To 588

US oil and gas rig count continued last weeks downward trend falling to 585 for the week ending October 4, a decline of two. vs. a week ago according to Baker Hughes. Rigs were added in the Haynesville (+1), Appalachia (+1) and Niobrara (+1), while the Permian (-2), Anadarko (-2) and Gulf of Mexico (-1) all lost rigs. Total US rig count is flat vs. 90 days ago, and down 34 vs. this week a year ago. Gas-directed rigs climbed by three this week to 102 on rising prices and the beginning of higher winter demand, the first time they have exceeded 100 since late July. Oil-directed rigs (479) declined by five for the week and miscellaneous rigs (4) were flat.

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.

US oil and gas rig count began the month of August by dropping to 659, a decline of 5 vs. last week according to Baker Hughes. Rigs were added in the Niobrara (+2), Haynesville (+1) and All Other (+1), while the Permian (-5), Eagle Ford (-1), Appalachia (-1), Bakken (-1) and Gulf of Mexico (-1) all lost rigs. Total US rig count is down 89 in the last 90 days, and down 105 from this week a year ago.