The total U.S. rig count fell by six in the week ended January 13, 2017

The U.S. rig count declined for the first time in 12 weeks in the week ended January 13, 2017, according to Baker Hughes Industries (ticker: BHI). The total number of active rigs in the U.S. fell to 659, nine more than at this time last year.

All of the declines came from rigs drilling for oil in the week, with one additional rig targeting gas offsetting the seven oil rigs that were laid down. There are now 529 oil rigs and 135 gas rigs operating in the United States, seven and one more than at this time last year, respectively.

The only basin to report a higher rig count this week compared to last was the Permian basin, which added one rig, bringing the total number of rigs in the area to 268. The Permian remains the most active basin in the country with 66 more rigs now compared to this time last year, and 221 more than the second most active basin. The DJ lost two rigs week-over-week, while the Barnett, Granite Wash, Haynesville, Marcellus, Mississippian, Utica and Williston all reported one fewer rig this week.

Baker Hughes rig count for the week ended January 13, 2017

Source: Baker Hughes

Higher oil prices continue to support more activity in Canada

The Canadian rig count increased approximately 54% week-over-week, adding 110 rigs, according to Baker Hughes. The total Canadian rig count currently stands at 315, 88 more than at this time last year. Of the 110 new rigs this week, 89 are targeting oil while 21 drill for gas. The increase in rigs drilling for oil represents more than double the 81 rigs drilling for oil in Canada in the week ended January 6, 2017.


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