US Rig Count Continues to Grow

According to Baker Hughes data from May 5, 2017, the US rig count for the week was 877 rigs exploring for or developing oil or natural gas. This is up 7 rigs compared to last week, with oil rigs up 6 to 703 rigs, gas rigs up 2 to 173 rigs, and miscellaneous rigs down 1 to 1 rig. Active US rigs have increased week over week for the past 16 weeks. Compared to this time last year, the 877 count is up 462 rigs, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged.

The Canadian rig count decreased by 3 to 82 rigs this past week, with oil rigs up 3 to 27 rigs, gas rigs down 6 to 55 rigs, and miscellaneous rigs unchanged at 0 rigs. Active Canadian rigs have consecutively declined week over week for the past 10 weeks, following the seasonal trend seen in previous years. Compared to last year the 82 count is up 46 rigs, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1.