(Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for an 11th week in a row though they have slowed the reductions as some consider returning to the well pad with crude prices up from historic lows. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 253 in the week to July 17, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 701 rigs, or 73%, below this time last year. Even though U.S. oil prices are still down about 34% since the start of the year due to coronavirus demand destruction, U.S. crude futures have jumped 115% over the past three months to around $40 a barrel on Friday on hopes global economies will snap back as governments lift lockdowns.
Rig Count Overview & Summary Count
| Area | Last Count | Count | Change from Prior Count | Date of Prior Count | Change from Last Year | Date of Last Year’s Count |
|---|---|---|---|---|---|---|
| U.S. | 17 July 2020 |
253 | -5 | 10 July 2020 |
-701 | 19 July 2019 |
| Canada | 17 July 2020 |
32 | +6 | 10 July 2020 |
-86 | 19 July 2019 |
| International | June 2020 |
781 | -24 | May 2020 |
-357
|
June 2019 |