Market Data
January 8, 2016
US Oil & Gas Rigs Down 1,991 Rigs, Canada Down 200 Rigs YOY
Written by Brett Linton
According to Baker Hughes data from January 8, 2016, the U.S rig count for the week was 664 rigs exploring for or developing oil or natural gas. This is a decrease of 34 rigs compared to last week, with oil rigs down 20 to 516 rigs, gas rigs down 14 to 148 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 664 count is down 1,086 rigs, with oil rigs down 905, gas rigs down 181, and miscellaneous rigs unchanged.
The situation in Canada is also down significantly over this time last year. The Canadian rig count increased by 83 to 166 rigs this past week, with oil rigs up 59 to 71 rigs and gas rigs up 24 to 95 rigs. Compared to last year the 166 count is a decrease of 200 rigs, with oil rigs down 110 and gas rigs down 90. International rigs decreased by 14 to 1,095 rigs for the month of December, a decrease of 218 rigs from the same month one year ago. For a history of both the US and Canadian rig count, visit the Steel Market Update website here.
