Baker Hughes Weekly Rig Count - May 29 2020

The US Rig Count continues to fall according to the Baker Hughes Weekly Rig Count. The Rig Count fell to 289 rigs in the US, down 62.5% since March 13. Week on week, rigs were down 5.6%, the lowest percentage weekly drop since March 27. 

The Permian Basin continues to see the majority of the losses in the US, losing 14 of the 17 rigs dropped this week (82% of the total). With the exception of the Permian and the Bakken, rig count appears to be stabilizing. While we have seen a return to higher oil prices in the last week, we should expect count to continue to sink lower for the next several weeks.

Table 1: Baker Hughes Weekly Rig Count - May 29 2020

Figure 1: Baker Hughes Weekly Rig Count - May 29 2020