Market Data
January 29, 2016
Rig Counts in USA & Canada Continue to Decline
Written by Brett Linton
According to Baker Hughes data from January 29, 2016, the U.S rig count for the week was 619 rigs exploring for or developing oil or natural gas. This is a decrease of 18 rigs when compared to last week, with oil rigs down 12 to 498 rigs, gas rigs down 6 to 121 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 619 count is down 924 rigs, with oil rigs down 725, gas rigs down 198, and miscellaneous rigs unchanged.
The Canadian rig count decreased by 19 to 231 rigs this past week, with oil rigs down 8 to 126 rigs and gas rigs down 11 to 105 rigs. Compared to last year the 231 count is a decrease of 163 rigs, with oil rigs down 74 and gas rigs down 89. 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.
