U.S. Rig Count Shows Largest Weekly Drop in over 2 Years; Canada Jumps

September 7, 2012 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States fell to 1,864 for the week ending September 7, 2012, down 1.6% from the prior week, 4.8% from the year-ago level and the lowest since June 2011.

The highest weekly rig count in theUnited States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada increased this week by 9.2% to 345 compared with 316 last week but was down 33.0% from the year-ago level.

The highest rig count forCanadawas 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

 

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