2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 11/3/2017 1:00:00 PM For wk11/3, 2017
PriorActual
N. Amer. Rig Count1100 1090 
U.S.909 898 
Gulf of Mexico20 18 
Canada191 192 

Highlights
The Baker Hughes North American rig count is down 10 rigs in the November 3 week to 1,090. The U.S. rig count is down 11 rigs at 898 but is up 329 rigs from last year at this time. The Canadian count is up 1 rig from last week to 192 but compared to last year is up 38 rigs.

For the U.S. count, rigs classified as drilling for oil are down 8 rigs at 729 while gas rigs are down 3 rigs to 169. For the Canadian count, oil rigs are up 4 rigs at 100, gas rigs are down 3 rigs at 91 and miscellaneous rigs are unchanged at 1.

Following the release of the report, the smaller future domestic production gains implied by the fifth weekly decline in a row for the count helped propel WTI crude oil prices up about 40 cents to around $55.30 per barrel, the highest level in more than two years.

Definition
The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs. Used for drilling wellbores for wells that may eventually produce oil or gas, active rigs are essential for the exploration and development of oil and gas fields. Rigs that are not active are not counted. Components in the data are the United States and Canada with a separate count for the Gulf of Mexico (which is a subset of the U.S. total). The count includes only rigs that are significant users of oilfield services and supplies.  Why Investors Care
 

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