Steel Markets
March 9, 2014
US and Canadian Rig Counts: Mixed Results Entering March
Written by Brett Linton
According to Baker Hughes data from March 7th, 2014, the U.S rig count for this week is 1,792 rigs exploring for or developing oil or natural gas. This count is an increase of 23 rigs when compared to last week, with oil rigs up 13 to 1,443 rigs, gas rigs up 10 to 345 rigs, and miscellaneous rigs unchanged at 4 rigs. Compared to last year the 1,792 count is an increase of 40 rigs, with oil rigs up by 102, gas rigs down by 62, and miscellaneous rigs unchanged.
The Canadian rig count decreased by 39 to 587 rigs this week, with oil rigs down 34 to 389 rigs and gas rigs down 5 to 198 rigs. This is in line with the seasonal trend of previous years. Compared to last year the 587 count is an increase of 7 rigs, with oil rigs down by 62 and gas rigs up by 69. International rigs increased by 16 to 1,341 rigs for the month of February, an increase of 66 rigs from the same month one year ago. For a history of both the US and Canadian rig count click here.
