The Baker Hughes North American rig count is down 2 rigs in the August 11 week to 1,169, putting in the second consecutive though only the third decline in the last 15 weeks. The U.S. rig count is down 5 rigs to 949 but is up 468 rigs from the same period last year. The Canadian count is up 3 rigs to 220 and is up 94 rigs from last year.
For the U.S. count, rigs classified as drilling for oil are up 3 rigs to 768, but gas rigs are down 8 to 181. For the Canadian count, oil rigs are up 3 rigs to 127 and gas rigs remain unchanged at 93.
Although the week's decline is small and involves gas rigs rather than those drilling for oil, the climb in the count this year appears to have stalled and most likely reflects the reaction of exploration and development companies to the fact that oil prices have not been able to stay above the $50 per barrel level.