According to the latest report by Baker Hughes, for the week ending March 9, the US rig count fell by 16 to 1,973 rigs but was up 258 year-on-year. Once again, a drop in gas rigs was responsible for a lower overall rig count--gas rigs declined by 21 to 670 and are down 212 year-on-year. Oil rigs increased by 3 last week to 1,296 and are up 469 year-over-year.
The Canadian rig count plummeted by 26 last week to 655 rigs and is up 27 from the same week a year ago.