Canadian rig count continues to soar while US count maintains uptrend

Baker Hughes reported that for the week ending January 17, the US rig count increased by 23 to 1,777, following three-rig increase the previous week.  Additionally, the rig count is now up by 28 from 1,749 rigs during the same week a year ago.  The oil rig count increased by 15 to 1,408, whereas the gas rig count increased by eight to 365.

Meanwhile, the Canadian rig count increased by a robust 88 in the week ending January 17 to reach 565, following a staggering 195-rig increase the week before.  However, the Canadian rig count is still down 36 from 601 rigs during the same week a year ago.