The number of active oil and natural gas rigs in the United States fell 0.9% to 1,935 for the week ending July 20, 2012, down from 1,953 last week and the lowest since August 5, 2011.  The rig count is now a scant 1.0% above the year-ago level.

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 rose again this week by 10.8% to 328 compared with 296 last week and is the highest count since March 23, 2012.  Despite the increase, the Canadian rig count is down 17.0% from the year-ago level.

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.