US Rig Count Above 900 for the First Time in Two Years

Oil field services firm Baker Hughes has reported the rig count for the week ended May 19, 2017, making headlines as the total number of oil and natural gas rigs crossed the 900 mark for the first time since May 1, 2015. It is also the 18th consecutive increase in the US weekly rig count following a fall during the week ended Jan 13.

Total rig count in North America (the US and Canada) for the week ended May 19 was 986, one more than a week ago and 448 more than a year earlier.

The total number of rigs in the US was 901, which was 16 more rigs than the week ended May 12 and much higher than 404 a year ago. Land rigs were 874, while the number of US offshore rigs for the week ended May 19, was 23.

Texas, where rig count rose by eight, was mainly responsible for the increase in the US weekly rig count. in Oklahoma, the rig count was up by four.

In Canada, the total rig count was 85 compared with 80 rigs last week and 44 rigs a year ago.

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