US and Canadian rig counts continue to plunge week-on-week

US and Canadian rig counts continue to plunge week-on-week

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Baker Hughes has reported that for the week ending April 17, the US rotary rig count decreased by 73 to 529 rigs following a 62-rig decrease the week before. The number of rigs drilling for gas decreased by seven to 89, while the number of rigs drilling for oil decreased by 66 to 438. The overall rig count is now down by 483 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count decreased by five to 30 rigs in the week ending April 17, following a six-rig decrease the week before. The Canadian rig count is now down by 36 rigs compared to the same week a year ago.

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