The number of US oil rigs in use tumbled again last week.
The total number of oil and gas rigs in use fell by 61 last week — to 1,750 from 1,811 — according to data from Baker Hughes. Oil rigs accounted for all of the decline in rig use, as gas rigs in use rose by one and miscellaneous rigs fell by one.
Almost half of the oil rigs shuttered last week came from Texas, where 30 rigs were down. Twenty eight of those rigs were in the Permian basin.
This report shows the number of oil and gas rigs in use in the US and Canada and has become a more closely watched data point as the price of oil has crashed over the last several months.
Compared to a year ago, the number of rigs in use in the US is down by 4.
On a weekly basis, the number of rigs in use in Canada surged, rising by 158, though the number of rigs in use in Canada is still down by 111 compared to last year. Canada’s rig data tends to be more seasonally volatile than the US, however.
In December, the US has seen the number of oil and gas rigs in use decline each week as oil prices have continued to tumble. Last week, oil rigs in use fell by 17.
On Friday, West Texas Intermediate crude oil prices were near $US47.50 a barrel, falling about $US2 from highs hit overnight ahead of the December jobs report.
The latest jobs report, however, wasn’t all bad news for the oil industry, as the number of jobs in the petroleum and coal products industry rose by 2,000 in December.
Here’s the latest Baker Hughes oil and gas rig count chart.
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