U.S. Rig Count Posts Largest Jump in over 2 Years

March 15, 2013 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States rose by 24 to 1,776 for the week ending March 15, 2013 – up 1.4% from last week – the largest weekly percentage increase since December 2011 – but still down 10.5% from last year.

The highest weekly rig count in the United 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 fell 13.3% this week, coming in at 503 from 580 last week and down 2.7% from last year.

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

Source: Baker Hughes Inc.

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