Rig Counts Still Much Lower than Last Year in USA

According to Baker Hughes data from November 11, 2016, the U.S rig count for the week was 568 rigs exploring for or developing oil or natural gas. This is down 1 rig compared to last week, with oil rigs up 2 to 452 rigs, gas rigs down 2 to 115 rigs, and miscellaneous rigs down 1 to 1 rig. Compared to this time last year, the 568 count is down 199 rigs, with oil rigs down 122, gas rigs down 78, and miscellaneous rigs up 1.

The Canadian rig count increased by 22 to 176 rigs this past week, with oil rigs up 13 to 89 rigs, gas rigs up 10 to 87 rigs, and miscellaneous rigs down 1 to 0 rigs. Compared to last year the 176 count is unchanged, with oil rigs up 21, gas rigs down 21, and miscellaneous rigs unchanged. International rigs decreased by 14 to 920 rigs for the month of October, a decrease of 191 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.