Market Data
June 11, 2016
Rig Counts Rise for Second Week
Written by Brett Linton
According to Baker Hughes data from June 10, 2016, the U.S rig count for the week was 414 rigs exploring for or developing oil or natural gas. This is up 6 rigs compared to last week. Compared to this time last year, the 414 count is down 445 rigs. The is the second week in a row that the U.S. rig counts have increased, bringing hope to the steel industry that we are now bouncing off the bottom of the market and that rig counts will continue to rise from here.
The Canadian rig count increased by 24 to 65 rigs this past week. Compared to last year the 65 count is a decrease of 65 rigs. International rigs increased by 9 to 955 rigs for the month of May, a decrease of 203 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.
