Active Gas & Oil Rig Counts Increase in US and Canada

According to Baker Hughes data from February 17, 2017, the U.S rig count for the week was 751 rigs exploring for or developing oil or natural gas. This is up 10 rigs compared to last week, with oil rigs up 6 to 597 rigs, gas rigs up 4 to 153 rigs, and miscellaneous rigs unchanged at 1 rig. Compared to this time last year, the 751 count is up 237 rigs, with oil rigs up 184, gas rigs up 52, and miscellaneous rigs up 1.

The Canadian rig count decreased by 21 to 331 rigs this past week, with oil rigs down 13 to 194 rigs, gas rigs down 8 to 137 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to last year the 331 count is up 125 rigs, with oil rigs up 85, gas rigs up 40, and miscellaneous rigs unchanged. International rigs increased by 4 to 933 rigs for the month of January, a decrease of 112 rigs from the same month one year ago. For a history of both the US and Canadian rig count, visit the Steel Market Update website here.