Canada
February 24, 2017
Active Gas & Oil Rig Counts Increase in US and Canada
Written by Brett Linton
The number of oil and natural gas rigs is moving higher and this is good news for the North American steel industry. According to Baker Hughes data from February 24, 2017, the U.S rig count for the week was 754 rigs exploring for or developing oil or natural gas. This is up 3 rigs compared to last week, with oil rigs up 5 to 602 rigs, gas rigs down 2 to 151 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to this time last year, the 754 count is up 252 rigs, with oil rigs up 202, gas rigs up 49, and miscellaneous rigs up 1.
The Canadian rig count increased by 10 to 341 rigs this past week, with oil rigs up 12 to 206 rigs, gas rigs down 2 to 135 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to last year the 341 count is up 166 rigs, with oil rigs up 123, gas rigs up 43, and miscellaneous rigs unchanged. International rigs increased by 4 to 933 rigs for the month of January, a decrease of 112 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.
