According to the latest report by Baker Hughes, for the week ending November 11, the US rig count fell by 10 to 2,016, but is was still up by 331 rigs from the same period last year. A 30 rig drop in gas rigs led the decline as the gas rig count fell to 877, down 78 from last year. The drop in gas rigs more than offset the 21 rig increase in oil rig counts. There were 1,133 rigs drilling for oil last week, up 413 year-on-year.
The Canadian rig count jumped by 24 in the last week to 500, reflecting a year-on-year increase of 71 rigs.