Active Gas & Oil Rig Counts Continue to Improve

According to Baker Hughes data from June 23, 2017, the US rig count for the week was 941 rigs exploring for or developing oil or natural gas. This is up 8 rigs compared to last week, with oil rigs up 11 to 758 rigs, gas down up 3 to 183 rigs, and miscellaneous rigs unchanged at 0 rigs. Active US rigs have increased week over week for the past 23 weeks (see first graph below). Compared to this time last year, the 941 count is up 520 rigs, with oil rigs up 428, gas rigs up 93, and miscellaneous rigs down 1.

The Canadian rig count increased by 11 to 170 rigs this past week, with oil rigs up 7 to 98 rigs, gas rigs up 4 to 72 rigs, and miscellaneous rigs unchanged at 0 rigs. Active Canadian rigs have increased week over week for the last 6 weeks, following an 11 week period of consecutively weekly declines (see second graph below). Compared to last year the 170 count is up 94 rigs, with oil rigs up 62, gas rigs up 33, and miscellaneous rigs down 1.