US and Canadian rig counts continue to tick upward

US and Canadian rig counts continue to tick upward

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Baker Hughes has reported that for the week ending February 12, the US rotary rig count increased by five to 397 rigs. The number of rigs drilling for gas decreased by two to 90, while the number of rigs drilling for oil increased by seven to 306. The overall rig count is now down by 393 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count increased by five to 176 rigs in the week ending February 12. The Canadian rig count is now down by 79 rigs compared to the same week a year ago.

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