Baker Hughes Weekly Rig Count - June 12 2020

The Baker Hughes Rig Count shows a loss of 5 rigs this week, the fewest rigs lost since March 20. The current rig count stands at 266 (down 1.85% since last week). The Permian rig count decreased by 4 rigs, a 2.85% drop from the previous week. 

Oil prices will likely remain locked in a range of $35 to $40 for the next several weeks. Oil consumption is beginning to return and OPEC+ supply reductions will remain in place through July. These factors should allow for US rig count to hit bottom and stabilize over the next couple of weeks.

Table 1: Baker Hughes Weekly Rig Count - June 12 2020
(Source: Baker Hughes)

Figure 1: Baker Hughes Weekly Rig Count - June 12 2020
(Source: Baker Hughes)