According to the most recent data from Baker Hughes, the US rotary rig count has dropped by 11, to 806, for the week ending Nov. 15, 2019. It is 276 rigs (25%) lower than last year.
The number of rotary rigs drilling for oil is down 10 to 674. There are 214 fewer rigs targeting oil than last year. Rigs targeting natural gas were down 1 at 129. The number of rigs drilling for gas is 65 lower than last year.
Year-over-year oil exploration in the U.S. is down 24.1 percent. Gas exploration is down 33.5 percent. The weekly average of crude oil spot price is 0.1 percent lower than last year and natural gas spot prices are 37.5 percent lower than last year.
Canadian rig activity was down 6 at 134 for the current week and is 63 (32.0%) lower than last year. Rigs targeting oil were down 9 at 89 and are 30 (25.4%) lower than last year. Gas directed rig count at 46 is up 3 for the week and is 33 rigs (41.8%) lower than last year.