The number of active oil and natural gas rigs in the United States reversed last week’s decrease, rebounding 0.4% from 1,764 last week to 1,771 for the week ending February 21, 2014.  The count is some 0.6% above the year-ago level of 1,761.

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 climbed for the eighth consecutive week, up 1.3% from 624 last week to 632 this week, and is still at the highest count since March 1, 2013.  The count has increased 140.3% since the beginning of the year, but is some 4.5% below the year-ago level of 662.

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.