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U.S. rig count loses 34, Canada adds 83

After holding relatively steady last week, the U.S. rig count dropped by 34 this week, according to information from Baker Hughes Industries (ticker: BHI). The drop represents a 5% decline in the U.S. rig count in just a single week. Last week, the total U.S. rig count dropped below 700, the lowest level since 1999.

Texas lost 13 rigs week-over-week, with most other states losing three or four rigs as well. The only state to add any rigs this week was Louisiana, which added a single rig to its count. The rig count in the Permian fell by eight after being one of the few basins to add rigs in the previous week.

The Canadian rig count jumped dramatically this week, doubling in size after a 34% reduction last week. The total number of rigs in Canada reached 166 this week, up from just 83 last week, and 126 for the week ended December 23, 2015.

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