The North American rig count fell by one to end the week of May 20 at 448 rigs, according to the latest Baker Hughes Inc. (NYSE: BHI) count.
The number of oil rigs in the U.S. and Canada remained the same, holding at 318 and 16, respectively.
A year ago drillers were operating 659 oil rigs in the U.S. and 24 oil rigs in Canada.
However, at 85, there were two fewer gas rigs running this week, compared to last, in the U.S, while Canada picked up one gas rig, ending the week at 27.
Energy firms have sharply reduced oil and gas drilling since the collapse in crude markets began in mid-2014 as U.S. crude futures fell from more than $107 a barrel (bbl) to a near 13-year low around $26/bbl in February.
But with U.S. crude futures settling over $48/bbl much of the week on production worries in Nigeria and Venezuela, most analysts expect the number of rigs to stop falling soon before edging up later this year with prices expected to rise in coming months. U.S. crude futures were fetching more than $49/bbl for the balance of 2016 and under $51/bbl for calendar 2017.
The major basin count was a mixed bag. The Permian ended the week with 137, up three from last week, while the Barnett lost three rigs, ending the week at two. The Eagle Ford and Mississippian rig count were each down by two to 31 and 3, respectively. The Cana Woodford saw its count rise by two to 29; D-J/Niobrara, up by one to 13 rigs; Haynesville, up one to 14. The Williston had one fewer rigs running this week compared to last, ending the week with 23 rigs operating.
In the Gulf of Mexico, there were two more rigs running this week. The rig count was 23, up from 21 last week but down five from this time in 2015.
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