Market Data
February 19, 2016
Oil & Gas Rigs Counts Drop in US and Canada
Written by Brett Linton
According to Baker Hughes data from February 19, 2016, the U.S rig count for the week was 514 rigs exploring for or developing oil or natural gas. This is a decrease of 27 rigs when compared to last week, with oil rigs down 26 to 413 rigs, gas rigs down 1 to 101 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 514 count is down 796 rigs, with oil rigs down 606, gas rigs down 188, and miscellaneous rigs down 2.
The Canadian rig count decreased by 16 to 206 rigs this past week, with oil rigs down 9 to 109 rigs and gas rigs down 7 to 97 rigs. Compared to last year the 206 count is a decrease of 154 rigs, with oil rigs down 75 and gas rigs down 79. International rigs decreased by 50 to 1,045 rigs for the month of January, a decrease of 213 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.
