According to the latest report by Baker Hughes, for the week ending March 2, the US rig count increased by eight to 1,989 rigs and was up 282 year-on-year. Gas rigs led the decline, dropping by another 19 to 691 rigs and down 208 year-on-year. Meanwhile, oil rigs jumped by 28 to 1,293 and are up 492 from the same week a year ago.
The Canadian rig continued to slip last week, falling another 20 to 681 rigs, but remained up 56 year-on-year.