U.S. Rig Count Falls for 9th Straight Week; Remains at 16-Month Low

October 15, 2012 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States fell by 2 to 1,835 for the week ending October 12, 2012, down 0.1% from the previous week and 9.3% from a year-ago – remaining at the lowest level since May 2011.

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 3.0% to 361 from 372 last week and remained some 29.5% below 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.

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