Rig Counts Rising for Second Week

According to Baker Hughes data from July 8, 2016, the U.S rig count for the week was 440 rigs exploring for or developing oil or natural gas. This is up 9 rigs compared to last week, with oil rigs up 10 to 351 rigs, gas rigs down 1 to 88 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to this time last year, the 440 count is down 423 rigs, with oil rigs down 294, gas rigs down 129, and miscellaneous rigs unchanged.

The Canadian rig count increased by 5 to 81 rigs this past week, with oil rigs up 2 to 37 rigs, gas rigs up 3 to 43 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to last year the 81 count is a decrease of 88 rigs, with oil rigs down 54, gas rigs down 36, and miscellaneous rigs up 1. International rigs decreased by 28 to 927 rigs for the month of June, a decrease of 219 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.