Number of active oil rigs in the US plunges to new lows
The number of US active oil rigs fell for the 13th straight week. Excluding gas rigs, the US rug count is down 43% since October.
The rig count, released by Baker Hughes every Friday, has now become actively watched by energy traders. However, many rigs are used to explore for new oil, and don't necessarily correlate to the number of active pumping wells. As can be seen by US production rates, the amount of oil being produced in the US hasn't slowed down one bit despite the plunge in rig count.
The weekly rig count is updated every Friday and can be found on the Baker Hughes website [click here for link].