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  • Writer's pictureJohn Pickart

Rig Counts Dropping Quickly

Rig counts down dramatically following the rapid fall in energy prices. The Baker Hughes U.S. Crude Oil Rotary Rig Count fell 58 rigs, or 10%, in just one week. The top panel shows the crude and natural gas weekly rig counts while the lower panel highlights continuous WTI and natural gas prices. The 10-yr chart illustrates how efficient the energy industry has become. The U.S. recently reached record crude production with roughly half the rigs that were operating in 2014.

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