Weekly rig counts were down across the board on April 22. Baker Hughes reported U.S. rigs were down by 9, falling to 431. Meanwhile, Canadian rigs held steady at 40 and international rigs fell by 33 to 985. The Gulf of Mexico lost two rigs this week, down to 25.
Rigs were down overall from the prior year, too—the U.S. was down by 501, Canada was down by 39 and the overall international roster of rigs was down by 266 since 2015.
According to Reuters, this latest rig count finds rigs at their lowest level since November 2009.
Reuters also reported that energy firms continue to slash spending despite a bigger-than-60% spike in futures since hitting a near 13-year low in February.
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