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Total US rig count declines again as oil rigs drop

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Total US rig count declines again as oil rigs drop

TheU.S. total rig count continued to retreat during the week ended May 6, losingfive rigs to a new record low of 415, according to 's latest released May 6. The figure is the lowest since the data series began in July1987. The U.S. rig count is now 479 rigs below the year-ago figure and 1,516rigs below a peak made at 1,931 during the week ended Sept. 26, 2014.

Duringthe week ended May 6, oil rigs fell four to a total of 328 and lost 340 fromthe corresponding week in 2015. Natural gas rigs eased one to a record lowtotal of 86 and eased 135 rigs from the same week a year earlier. Miscellaneousrigs were unchanged on the week at one.

TheNorth American rig count was declined six to a total of 451 and moved down 518rigs from the corresponding week the year before. Canadian rigs slipped one toa total of 36, which was down 39 on the year.

U.S.land rigs eased three on the week to a total of 388 and were down 470 rigs fromthe same week in 2015. Inland water rigs were down one to a total of three butup one rig from the same week the year before. Offshore rigs slipped one to 24and were down 10 rigs from the same week in 2015.

Bytrajectory, horizontal rigs decreased six to a total of 318 and were down 374from the corresponding week the year prior. Vertical rigs increased three to atotal of 53, down 61 from the same week on 2015. Directional rigs stumbled twoduring the week ended May 6 to a total of 44 and faltered 44 from the same weekin 2015.