US and Canadian rig counts drop yet again

US and Canadian rig counts drop yet again

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Baker Hughes has reported that for the week ending May 15, the US rotary rig count decreased by 35 to 339 rigs following a 34-rig decrease the week before. The number of rigs drilling for gas decreased by one to 79, while the number of rigs drilling for oil decreased by 34 to 258. The overall rig count is now down by 648 rigs in a year-on-year comparison.

Meanwhile, the Canadian rig count decreased by three to 23 rigs in the week ending May 15, following a one-rig decrease the week before. The Canadian rig count is now down by 40 rigs compared to the same week a year ago.

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