The number of active oil and natural gas rigs in the United States increased 0.5% from 1,777 last week to 1,785 for the week ending January 31, 2014 and reached the highest count since August 16, 2013.  The count is some 1.2% above the year-ago level of 1,764.

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 increased for the fifth consecutive week, up 3.1% from 590 last week to 608 this week, and remaining at the highest count since March 1, 2013.  The count increased 131.2% over the month of January, but is some 2.7% below the year-ago level of 625.

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.