12/4/2020, 7:03 PM (Source: TeleTrader)
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US oil rig count up by 5 to 246 - Baker Hughes

The number of oil rigs in the United States increased by 5 to 246 in the week ending December 4 compared to the previous week, according to the Baker Hughes rig count data released on Friday. On an annual basis, the number of oil rigs plummeted by 417.

Meanwhile, the US gas rig count decreased by two to 75 during the same week and dropped by 58 compared to last year. The total number of rigs in the country now stands at 323, plunging by 476 from the previous year.

In Canada, the total rig count stood at 102, unchanged from last week and 36 less than 12 months ago. The number of oil rigs increased by two to 40 and the number of gas rigs declined by two to 62 on a weekly basis. Year-over-year, Canada lost 47 oil rigs, but gained 11 gas rigs.

Breaking the News / MS