Rig Counts Continue their Slow March Higher

According to Baker Hughes data from November 4, 2016, the U.S rig count for the week was 569 rigs exploring for or developing oil or natural gas. This is up 12 rigs compared to last week, with oil rigs up 9 to 450 rigs, gas rigs up 3 to 117 rigs, and miscellaneous rigs unchanged at 2 rigs. Compared to this time last year, the 569 count is down 202 rigs, with oil rigs down 122, gas rigs down 82, and miscellaneous rigs up 2.

The Canadian rig count increased by 1 to 154 rigs this past week, with oil rigs up 3 to 76 rigs, gas rigs down 2 to 77 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to last year the 154 count is a decrease of 31 rigs, with oil rigs down 3, gas rigs down 29, and miscellaneous rigs up 1. International rigs decreased by 3 to 934 rigs for the month of September, a decrease of 206 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.