Rig Counts Continue Free Fall

According to Baker Hughes data from April 29, 2016, the U.S rig count for the week was 420 rigs exploring for or developing oil or natural gas. This is a decrease of 11 rigs when compared to last week, with oil rigs down 11 to 332 rigs, gas rigs down 1 to 87 rigs, and miscellaneous rigs up 1 to 1 rig. Compared to this time last year, the 420 count is down 485 rigs, with oil rigs down 347, gas rigs down 135, and miscellaneous rigs down 3.

The Canadian rig count decreased by 3 to 37 rigs this past week, with oil rigs down 2 to 10 rigs, gas rigs down 1 to 26 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to last year the 37 count is a decrease of 42 rigs, with oil rigs down 7, gas rigs down 36, and miscellaneous rigs up 1. International rigs decreased by 33 to 985 rigs for the month of March, a decrease of 266 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.