Market Data
May 6, 2016
Oil & Gas Rig Counts Still Dropping
Written by Brett Linton
According to Baker Hughes data from May 6, 2016, the U.S rig count for the week was 415 rigs exploring for or developing oil or natural gas. This is a decrease of 5 rigs when compared to last week, with oil rigs down 4 to 328 rigs, gas rigs down 1 to 86 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to this time last year, the 415 count is down 479 rigs, with oil rigs down 340, gas rigs down 135, and miscellaneous rigs down 4.
The Canadian rig count decreased by 1 to 36 rigs this past week, with oil rigs up 1 to 11 rigs, gas rigs down 2 to 24 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to last year the 36 count is a decrease of 39 rigs, with oil rigs down 5, gas rigs down 35, and miscellaneous rigs up 1. International rigs decreased by 39 to 946 rigs for the month of April, a decrease of 256 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.
