POST Online Media Lite Edition


U.S. oil and gas rig count hits record low for ninth week

Christian Fernsby |
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row.

Article continues below

Topics: U.S.    OIL   

The U.S. oil and gas rig coun fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from Baker Hughes.

That was 700 rigs, or 73%, below this time last year.

Baker Hughes released the rig count a day early on Thursday because the markets are closed a day ahead of the U.S. Fourth of July holiday which falls on a Saturday.

U.S. oil rigs fell by three to 185 this week, their lowest since June 2009.

What to read next

Number of rigs finally started to grow
Oil rig count drops for 11th straight week
U.S. rig count down 2 rigs from last week to 698