US and Canadian rig counts continue downtrend week-on-week

US and Canadian rig counts continue downtrend week-on-week

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Baker Hughes has reported that for the week ending June 19, the US rotary rig count decreased by 13 to 266 rigs following a five-rig decrease the week before. The number of rigs drilling for gas decreased by three to 75, while the number of rigs drilling for oil decreased by 10 to 189. The overall rig count is now down by 701 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count decreased by four to 17 rigs in the week ending June 19, following a neutral trend the week before. The Canadian rig count is now down by 102 rigs compared to the same week a year ago.

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