The working rig count for the United States continued its downward spiral, Kallanish Energy reports
It slid from 265 on June 29 to an all-time low of 263 on July 2, according to the latest count from Baker Hughes. The new total was released on Thursday because of the July 4 weekend.
It is the ninth straight week of new record lows of rig counts.
There are also a dozen offshore rigs in the Gulf of Mexico. That total is an increase of one over the previous week.
The number of rigs in Canada also increased by five from 13 to 18 in the last week.
The July 2 total is the 16th straight week of declining rigs counts in the United States.
A year ago, there were 963 rigs including 24 offshore rigs. the Texas-based well services company reported.
The rig count is generally seen as a way of predicting future wells drilled and increasing production.
A year ago, there were 788 oil rigs and 174 gas rigs at work.
A year ago, Canada had 80 oil rigs and 40 gas rigs at work.
In the U.S., the Permian Basin of West Texas and New Mexico lost five rigs in the July 2 count to 126. The Utica Shale in eastern Ohio lost one rig, dropping from nine to eight.
This post appeared first on Kallanish Energy News.