Oil & Gas Rig Count Slides in Week 14
Houston based oil field Services Company Baker Hughes reported that Oil & Gas companies reduced drilling rigs into operation in Week 14. While US rig count jumped by 2 WoW to 432, Canadian rig count reduced by11 rigs WoW to 176. However, International rig count in March 2021 improved by 14 WoW to 677, but still down by 401. The rig count has recovered with oil prices in recent months from a bottom of 244 in August 2020
Changes from last year (10 April 2020)
US -170 YoY
Canada +23 YoY
International -344 YoY
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.