Active Oil & Gas Rig Counts Continue to Surpass 2016 Levels

According to Baker Hughes data from June 30, 2017, the U.S. rig count for the week was 940 rigs exploring for or developing oil or natural gas. This is down 1 rig compared to last week, with oil rigs down 2 to 756 rigs, gas down up 1 to 184 rigs, and miscellaneous rigs unchanged at 0 rigs. Prior to this week, active U.S. rigs had increased week over week for the previous 23 weeks (see first graph below). Compared to this time last year, the 940 count is up 509 rigs, with oil rigs up 415, gas rigs up 95, and miscellaneous rigs down 1.

The Canadian rig count increased by 19 to 189 rigs this past week, with oil rigs up 14 to 112 rigs, gas rigs up 5 to 77 rigs, and miscellaneous rigs unchanged at 0 rigs. Active Canadian rigs have increased week over week for the last seven weeks, following an 11 week period of consecutively weekly declines (see second graph below). Compared to last year the 189 count is up 113 rigs, with oil rigs up 77, gas rigs up 37, and miscellaneous rigs down 1.