US Rig Count Up 8 Last Week

According to Baker Hughes data from May 12, 2017, the US rig count for the week was 885 rigs exploring for or developing oil or natural gas. This is up 8 rigs compared to last week, with oil rigs up 9 to 712 rigs, gas rigs down 1 to 172 rigs, and miscellaneous rigs unchanged at 1 rig. Active US rigs have increased week over week for the past 17 weeks (see the first chart below). Compared to this time last year, the 885 count is up 479 rigs, with oil rigs up 394, gas rigs up 85, and miscellaneous rigs unchanged.

The Canadian rig count decreased by 2 to 80 rigs this past week, with oil rigs up 2 to 29 rigs, gas rigs down 4 to 51 rigs, and miscellaneous rigs unchanged at 0 rigs. Active Canadian rigs have consecutively declined week over week for the past 11 weeks, following the seasonal trend seen in previous years (see the second chart below). Compared to last year the 80 count is up 37 rigs, with oil rigs up 13, gas rigs up 25, and miscellaneous rigs down 1.