US and Canadian rig counts continue to rise

US and Canadian rig counts continue to rise

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Baker Hughes has reported that for the week ending January 29, the US rotary rig count increased by six to 384 rigs. The number of rigs drilling for gas remained level at 88, while the number of rigs drilling for oil increased by six to 295. The overall rig count is now down by 406 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count increased by two to 174 rigs in the week ending January 29. The Canadian rig count is now down by 73 rigs compared to the same week a year ago.

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