US weekly rig count retreats

The US drilling rig count is down 3 units to 764 rigs working for the week ended August 5, according to Baker Hughes data. The count is up 273 units from the 491 rigs working this time a year ago.

At 746 rigs working, the land rig count is unchanged from last week. Offshore units are down by 1 to reach 16 rigs working, while those drilling in inland waters are down 2 rigs, leaving 2 rigs working for the week.

US oil-directed rigs are down 7 units from last week to 598 units working, and up from the 387 rigs drilling for oil this week a year ago. Gas-directed rigs are up 4 units at 161, and up from the 103 units drilling for gas a year ago.