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U.S. rig count down another 43 units for eighth straight week of losses

  • The number of oil and gas rigs in use in the U.S. fell by 43 last week to 1,633, bringing the rig count to its lowest level since Aug. 2010, according to the latest data from Baker Hughes (BHI).
  • The count has now fallen in eight consecutive weeks, losing 287 units during that period; the U.S. now has 144 fewer rigs working than in the same week a year ago.
  • 42 of the 43 units that went offline in the past week were land-based, bringing the total to 1,568 and culminating a drop of 176 units in three weeks.
  • Oil rigs plunged 49 units to 1,317, while gas rigs gained six units to 316.
  • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, OTC:DWTI, DNO, SZO, OLO, TWTI, OLEM

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