US and Canadian rig counts rise

The US and Canadian rig counts both increased this week, according to the latest data from Baker Hughes.

For the week ending May 22, the number of total rigs operating in the US rose by seven week over week to 558. The US gained 10 oil rigs but lost three gas rigs and miscellaneous rigs remained unchanged at eight.

Year over year, the US rig count is off eight rigs from last year’s count of 566, with oil rigs declining by 30, gas rigs up 17, and miscellaneous rigs rising by five.

Meanwhile, Canada’s rig count is up 14 from last week to 138. Oil rigs were up by 11 to 87, gas rigs were unchanged at 48, and miscellaneous rigs rose by three to three rigs.

Compared to one year earlier, Canada’s rig count is up 24 from last year’s 114, with oil rigs up 16, gas rigs up five, and miscellaneous rigs up three.

The monthly international rig count was updated at the beginning of May with April data. This count was 1,036 rigs, down 22 from the previous month and 51 fewer than the same month one year prior.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Ethan Bernard

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