The U.S. rig count increased by 8 rigs in the week ended September 2, according to data from Baker Hughes Industries, reaching 497 in total. The number of oil rigs increased by 1 to 407, while gas rigs rose 7 to a total of 88. The remaining two rigs were categorized as “miscellaneous” by Baker Hughes. Offshore rigs shed 42% of their total week-over-week, with Baker Hughes reporting 10 rigs this week compared to 17 the week before.
The rig count is down 367 rigs from this time last year, but prices remain below $50 per barrel as even the slight increases in U.S. production have markets worried that the glut may not be worked off yet.
The Canadian rig count is down 9 rigs this week to 137, with oil rigs accounting for 77 of the total, and gas rigs down to 60.
