The number of rigs in the U.S. fell to the lowest level since November 2009

The number of oil drilling rigs in the U.S. this week fell from 15 units to 372, according to Financial Times, citing data from Baker Hughes. As the newspaper notes, this is the lowest number of rigs since November last year.

Compared to the maximum level, zafiksirovany in October 2014, when the U.S. worked 1609 drilling, their number today has decreased by about 70%. At the same time, the number of drilling rigs in natural gas production over the past week decreased by three units to 92.

The reduction in the number of drilling comes amid falling oil prices and growth of stock of raw materials in the U.S., notes The Wall Street Journal. Nevertheless, as underlines the edition, occurred this week decline not enough to reduce overstocking of the market.

Announced last week, Baker Hughes data showed the number of rigs in the U.S. increased by one unit, ending a three-month decline, during which the number of weekly drilling decreased. These reports dampened expectations of reduction of stocks of the USA and led to the drop in oil prices.

The number of drilling rigs reached to US a historical record of 1609 pieces — in October 2014, when a barrel of Brent cost just above $90. Further, the number of installations began to rapidly decline. In the spring of 2015 oil prices slightly recovered some of the drop, and since the beginning of the summer (with a lag of two to three months) have been a growing number of rigs. At the end of August in the oil market again prevailed a tendency to decrease, following this, began to fall and the number of installations. At the end of January 2016 it is reduced to 498 — to the lowest level since March 2010. In late February it was reported decrease in the number of rigs to the lowest level since December 2009.