Market Data
March 11, 2016
Oil & Gas Rig Counts Still Dropping
Written by Brett Linton
According to Baker Hughes data from March 11, 2016, the U.S rig count for the week was 480 rigs exploring for or developing oil or natural gas. This is a decrease of 9 rigs when compared to last week, with oil rigs down 6 to 386 rigs, gas rigs down 3 to 94 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 480 count is down 645 rigs, with oil rigs down 480, gas rigs down 163, and miscellaneous rigs down 2.
The Canadian rig count decreased by 31 to 98 rigs this past week, with oil rigs down 22 to 28 rigs and gas rigs down 9 to 70 rigs. Compared to last year the 98 count is a decrease of 122 rigs, with oil rigs down 57 and gas rigs down 65. International rigs decreased by 27 to 1,018 rigs for the month of February, a decrease of 257 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.
