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Baker Hughes U.S. Rig Count Falls for First Time in 6 Months

As oil prices hover above $45 per barrel, the count of active drilling rigs in the United States has fallen by one to 940, with oil-directed rigs dropping by two to 756 units and natural gas-directed rigs climbing by one to 184, Baker Hughes (BHI) reported Friday, June 30.

The drop in Baker Hughes count is the first in 24 weeks, or six months and comes at a time when oil has felt significant pressure due to a persisting global oversupply and dangerously high levels of U.S. shale activity.

West Texas Intermediate crude contracts for August delivery were trading up about 1.3% around the time of the 1 p.m. Baker Hughes report to $45.51 a barrel, while global benchmark Brent crude futures were up slightly less than 1% to $47.85.

Baker Hughes total U.S. rig count is up 509 rigs from this time last year when it stood at 431, with oil rigs up 415, gas rigs up 95 and miscellaneous rigs down one.

Meanwhile, the U.S. offshore count is down one rig from last week to 21 overall. The offshore count is up two rigs year-over-year.

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