Active Gas & Oil Rig Counts: US Increasing, Canada Decreasing

According to Baker Hughes data from March 24, 2017, the U.S rig count for the week was 809 rigs exploring for or developing oil or natural gas. This is up 20 rigs compared to last week, with oil rigs up 21 to 652 rigs, gas rigs down 2 to 155 rigs, and miscellaneous rigs up 1 to 2 rigs. Compared to this time last year, the 809 count is up 345 rigs, with oil rigs up 280, gas rigs up 63, and miscellaneous rigs up 2.

The Canadian rig count decreased by 91 to 185 rigs this past week, with oil rigs down 79 to 70 rigs, gas rigs down 11 to 114 rigs, and miscellaneous rigs down 1 to 1 rig. Compared to last year the 185 count is up 130 rigs, with oil rigs up 59, gas rigs up 70, and miscellaneous rigs up 1. International rigs increased by 8 to 941 rigs for the month of February, a decrease of 77 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.