U.S. Rig Count Showing Signs of Life

November 21, 2012 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States rose for the third straight week, increasing by 8 to 1,817 for the week ending November 21, 2012 – up 0.4% from the previous week but still down some 9.2% from a year-ago.

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 rose 0.8% to 387 from 384 last week, but was 20.0% 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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