According to Friday's report from Baker Hughes, for the week ending July 13, the US rig count fell by 12 to 1,953, following a six-rig drop a week ago. The drop was led by a decline in natural gas rigs, which fell for the seventh time in the last eight weeks--rigs drilling for natural gas fell by 20 to 522, the lowest level since August 1999. Meanwhile, the oil drilling rig count rose by eight to 1,427, up 41 year-on-year.
The Canadian rig count increased by 32 in the last week to 296, reflecting a year-on-year decrease of 98 rigs.