Market Data
August 5, 2016
Oil Rigs Make Small Gains
Written by Brett Linton
According to Baker Hughes data from August 5, 2016, the U.S rig count for the week was 464 rigs exploring for or developing oil or natural gas. This is up 1 rig compared to last week, with oil rigs up 7 to 381 rigs, gas rigs down 5 to 81 rigs, and miscellaneous rigs down 1 to 2 rigs. Compared to this time last year, the 464 count is down 420 rigs, with oil rigs down 289, gas rigs down 132, and miscellaneous rigs up 1.
The Canadian rig count increased by 3 to 122 rigs this past week, with oil rigs unchanged at 60 rigs, gas rigs up 2 to 60 rigs, and miscellaneous rigs up 1 to 2 rigs. Compared to last year the 122 count is a decrease of 86 rigs, with oil rigs down 40, gas rigs down 48, and miscellaneous rigs up 2. International rigs increased by 11 to 938 rigs for the month of July, a decrease of 180 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.
