The U.S. rig count squeeze stretched into its twenty seventh straight week after drillers dropped nine more rigs.
According to Baker Hughes, the number of rigs drilling for oil and gas in the United States fell to 859 rigs as of the week ending on June 12, down from 1,854 rigs a year ago.
The U.S oil rig count dropped by seven rigs last week to 635 rigs, a huge slide from the 1,542 rigs drilling for oil during the same period last year.
According to Reuters, the seven oil rig loss is the largest since May.
U.S. gas drillers dropped one rig last week, pulling the U.S. gas rig count down to 221 rigs from 310 rigs a year ago.
Directional drillers shed one rig last week while vertical drillers added two rigs.
The U.S. horizontal rig count plunged by 10 rigs last week down to 663, nearly half of the 1,248 horizontal rigs operating a year ago.
The hard hit Eagle Ford Basin in Texas was the only major U.S. basin to add rigs last week, with a one rig addition bumping the play’s count up to 104 rigs.
The Permian Basin, also in Texas, posted a one rig loss.
The Utica Basin saw its rig count slip by one to 23 rigs while the Marcellus Basin saw its rig count fall to 63 after shedding one rig.
Alaska, Colorado, Kansas, New Mexico, Ohio, Texas, Utah and West Virginia each lost one rig while Louisiana and Oklahoma each added one rig.
Rig counts in Arkansas, California, North Dakota, Pennsylvania and Wyoming held steady from last week.
Canada continued to build on its recent rig count gains, with drillers in the country adding nine oil rigs and two gas rigs last week.
Rigs looking for hydrocarbons in the Gulf of Mexico ticked up by two to 29 last week, down from 57 rigs a year ago.
The total North American rig count jumped by two rigs to 986 rigs, a steep plunge from 2,098 rigs looking for oil and gas a year ago.