The Baker Hughes North American rig count came in higher than expected for the week ending July 14, up 16 rigs to 1,143. It’s a return to ascension after last week posted the first decline in 10 weeks.
There was a big swing in the Canadian count, while the U.S. rig count was unchanged for the week at 952. However, that’s up 505 rigs from last year during this period. The Canadian count is up 16 rigs to 191 and up 96 rigs from last year.
U.S. rigs were awash, with those classified as drilling for oil being up 2 to 765, while gas rigs are down 2 to 187. For the Canadian count, oil rigs are up 1 to 106 and gas rigs are up 15 to 85.
Meanwhile, crude prices fell again in June, with Dated Brent dropping below $50.