North American oil and gas rig count falls to record lowChristian Fernsby ▼ | May 29, 2020
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low.
Early indicator Oil rig
That was 683 rigs, or 69%, below this time last year and was the fourth week in a row the U.S. count fell to a fresh record low.
For the month, the U.S. rigs dropped by 164, its third monthly decline in a row.
The Canadian rig count fell by one to an all-time low of 20 this week, according to Baker Hughes. ■