Market Data
February 26, 2016
Dropping Rig Count Continues in Both US & Canada
Written by Brett Linton
According to Baker Hughes data from February 26, 2016, the U.S rig count for the week was 502 rigs exploring for or developing oil or natural gas. This is a decrease of 12 rigs when compared to last week, with oil rigs down 13 to 400 rigs, gas rigs up 1 to 102 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 502 count is down 765 rigs, with oil rigs down 586, gas rigs down 178, and miscellaneous rigs down 1.
The Canadian rig count decreased by 31 to 175 rigs this past week, with oil rigs down 26 to 83 rigs and gas rigs down 5 to 92 rigs. Compared to last year the 175 count is a decrease of 155 rigs, with oil rigs down 88 and gas rigs down 67. 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.
