The Baker Hughes North American rig count is up 44 rigs in the June 9 week to 1,059, the sixth and the largest of consecutive weekly increases featuring Canadian rig operators who are coming back into operation after their Spring Breakup hiatus. The U.S. rig count is up 11 to 927 and is up 513 rigs from last year. The Canadian count is up 33 to 132, and compared to last year is up 67.
For the U.S. count, rigs classified as drilling for oil are up 8 to 741, gas rigs are up 3 to 185, and miscellaneous rigs are unchanged at 1. For the Canadian count, oil rigs are up 23 to 74 and gas rigs are up 10 to 58 rigs.
The sharply rising rig count in recent weeks points to increased North American crude oil and gas production ahead, which should continue to weigh on oil prices that have also been driven lower by large crude oil inventory.