Economy
US & Canadian Rig Counts Up from Previous Week
Written by Brett Linton
December 6, 2013
According to Baker Hughes data from December 6th, 2013, the U.S rig count for this week is 1,775 rigs exploring for or developing oil or natural gas. This count is an increase of 12 rigs when compared to last week, with oil rigs up 6 to 1,397 rigs, gas rigs up 8 to 375 rigs, and miscellaneous rigs down 2 to 3 rigs. Compared to last year the 1,775 count is a decrease of 25 rigs, with oil rigs up by 15, gas rigs down by 42, and miscellaneous rigs up by 2.
The Canadian rig count increased by 17 to 402 rigs this week, with oil rigs up 15 to 230 rigs, and gas rigs up 2 to 172 rigs. Compared to last year the 402 count is a decrease of 4 rigs, with oil rigs down by 51 and gas rigs up by 47. International rigs decreased by 4 to 1,311 rigs for the month of November, an increase of 44 rigs from the same month one year ago.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetracking an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett Linton
Read more from Brett LintonLatest in Economy
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.