Baker Hughes reports that the US oil rig count rose by 1 to 460 in the week ending October 23. Gas rigs fell by 1 to 132, offsetting the increase and leaving the total US rig count unchanged at 603.
The US breakdown, including year-ago comparisons:
-
Oil rigs: 460 versus 459 last week and 420 a year ago. Up 40 year over year.
-
Gas rigs: 132 versus 133 last week and 121 a year ago. Up 11 year over year.
-
Miscellaneous rigs: Unchanged at 11 versus 9 a year ago.
-
Total US rigs: Unchanged at 603 versus 550 a year ago. Up 53, or 9.6%, year over year.
In Canada, the rig count increased by 3 to 220, compared with 199 a year ago. That brought the combined North American count to 823, up 3 on the week and up 74 from 749 a year ago.
The weekly changes are modest, but the year-over-year comparison shows a higher level of drilling activity, with oil rigs accounting for most of the US increase.
This article was written by Greg Michalowski at investinglive.com.