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    June 23, 2023

    US Rig Count Declines for Seventh Week, Canada Rises for Fifth

    US rig counts dropped for the week ended June 23, while Canada’s count increased, according to the latest data from oilfield services company Baker Hughes. This marks the eighth consecutive week-over-week decline in the US and fifth consecutive weekly increase in Canada.  

    The total US rig count stood at 682 active rigs as of June 23, off five from the prior week. Active oil rigs in the US slipped by six rigs to 546 vs. a week earlier, while active gas rigs remained unchaged at 130 in the same comparison, and miscellaneous rigs increased by one to six rigs. The US rig count is down by 71 rigs when compared to a year earlier, with oil rigs down 48, gas rigs down 27, and miscellaneous up four, respectively.

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    Price on Trade: Milwaukee Framework is a step forward on steel excess capacity

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