The Baker Hughes North American rig count is up 46 rigs in the January 19 week to 1,261, pushed higher once again by a surging rebound in the count for Canada following a seasonal weather-related plunge at year end. The U.S. rig count is down 3 rigs from last week to 936 but is up 242 rigs from last year at this time. After adding 102 rigs last week, the Canadian count is up another 49 rigs to 325 but is still down 17 rigs compared to last year.
For the U.S. count, rigs classified as drilling for oil are down 5 at 747 but gas rigs are up 2 to 189. For the Canadian count, oil rigs are up 23 at 208 and gas rigs are up 26 to at 117.
After reaching 3-year highs last week, WTI prices have eased slightly to around $63.25 per barrel, still well above breakeven levels for most North American exploration and development companies and pointing to further increases in drilling activity.