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US oil rig count plunges to lowest since June 2011

The number of US oil rigs in use fell by 33 this week to 986. This is the lowest total for US oil rigs since the week ending June 17, 2011.

The number of oil and gas rigs in use fell by 43 to 1,267, the lowest since the week ending January 15, 2010.

The decline in oil rigs has been closely watched as the price of oil has tumbled, and at current levels, the decline in US oil rig count is about 39%; in January, Baker Hughes said the number of rigs in use has declined by 40%-60% during past oil downturns.

On Friday afternoon following this report, West Texas Intermediate crude oil was up about 2.2% to $49.20, little changed from where it was ahead of the numbers.

This week, the biggest number of rigs shutting down came from the Williston basin, where 12 rigs went out of use, while 7 rigs in the Permian basin were shut down. By state, 11 rigs in North Dakota were shuttered, 9 in Oklahoma shut down, and 7 in Louisiana.

Compared to last year, the number of oil rigs in use is down by 444 in the US, while combined oil and gas rigs are down by 502.

Last week the number of US oil rigs in use fell by 37 to 1,019. The number of combined oil and gas rigs declined by 48 last week to 1,250.

Here's the latest chart of US oil rig count, per Baker Hughes.

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Published on:
March 3, 2015
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