Market Data
March 25, 2016
There Doesn't Seem to be a Bottom to Rig Counts
Written by Brett Linton
According to Baker Hughes data from March 24, 2016, the U.S rig count for the week was 464 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 15 to 372 rigs, gas rigs up 3 to 92 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 464 count is down 584 rigs, with oil rigs down 441, gas rigs down 141, and miscellaneous rigs down 2.
The Canadian rig count decreased by 14 to 55 rigs this past week, with oil rigs down 1 to 11 rigs and gas rigs down 13 to 44 rigs. Compared to last year the 55 count is a decrease of 65 rigs, with oil rigs down 7 and gas rigs down 58. 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.
