Canadian Rig Count Drops for Second Week

The total rig count in the US remains at 779 total rigs in operation. The number of active oil rigs dropped to 621, down one from the week prior, while the number of gas rigs increased by one to 156. Miscellaneous rigs are unchanged at two. Compared to this time last year, the US count is up 193 rigs, with oil rigs up 141, gas rigs up 50, and miscellaneous rigs up two, respectively.

As we’ve previously seen with this time of year, the Canadian rig count dropped again this week to 84 rigs, with oil rigs down seven, gas rigs down five, and miscellaneous rigs unchanged. This week’s Canadian count is down six rigs compared to levels one year ago, with oil rigs down 14 and gas rigs up 8, respectively.

The international rig count decreased by one to 910 rigs for the month of November, and is up 93 rigs from the same month one year ago.

For more in-depth information on the energy market, Steel Market Update publishes an “Energy Update” report each month covering oil and natural gas prices, detailed rig count data, and oil stock levels. Our November report is available here for Premium members.

For a history of both the US and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.

About the Rotary Rig Count

A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to side track an existing one. Wells are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.

The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the US and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.

The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the US and Canada. International rigs considered active must be drilling for at least 15 days of the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore in China.

By Becca Moczygemba, Becca@SteelMarketUpdate.com