US and Canadian rig count continue diverging trends

US and Canadian rig count continue diverging trends

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Baker Hughes has reported that for the week ending July 24, the US rotary rig count decreased by two to 251 rigs following a five-rig decrease the week before. The number of rigs drilling for gas decreased by three to 68, while the number of rigs drilling for oil increased by one to 181. The overall rig count is now down by 695 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count increased by 10 to 42 rigs in the week ending July 24, following a six-rig increase the week before. The Canadian rig count is now down by 85 rigs compared to the same week a year ago.

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