Canadian rig count trend reverses

Baker Hughes has reported that for the week ending January 29, the US rotary rig count dropped by 18, following a 13-rig decline the week before. This brings the current US rotary rig count to 619. The number of rigs drilling for gas declined by six to 121, while the number of rigs drilling for oil declined by 12 to 498. The overall rig count is still down by 924 rigs, year-on-year.
 
Meanwhile, the Canadian rig count fell by 19 in the week ending January 29 to 231, following a 23-rig increase the week before. The Canadian rig count is still down by 163 from 394 rigs during the same week a year ago.