The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)
The Baker Hughes North American Rig Count is down 15 to 1,100 for the week ending October 27, as both the U.S. and Canada count declined yet again. Overall, the North American Rig Count is still up 390 on the year, far more than the 710 rigs in commission at this time last year.
The U.S. rig count was down 4 rigs to 909 and up 352 rigs from the 557 last year. The Canadian count was down 11 rigs to 191 and up from the 153 rigs from last year.
For the U.S., rigs classified as drilling for oil was up 1 to 737, while rigs classified as gas are down 5 at 172. For Canada, oil rigs were down 11 to 96 and gas rigs are down 1 to 94.
Worth noting, the rig count in states impacted by hurricanes were mixed, contrary to forecasts. Texas rigs were up 5 to 441 and Louisiana rigs were down 3 at 64. The Gulf of Mexico, which is a subset of the U.S. in the North American Rig Count, was flat at 20 for the second straight week.
