The Baker Hughes North American rig count is up 24 rigs in the January 26 week to 1,285. The U.S. rig count is up 11 rigs from last week to 947 and is up 235 rigs from last year at this time. The Canadian count is up 13 rigs from last week to 338 but is down 7 rigs compared to last year.
For the U.S. count, rigs classified as drilling for oil are up 12 rigs at 759 but gas rigs are down 1 to 188. For the Canadian count, oil rigs are up 12 at 220 and gas rigs are up 1 at 118.
The weekly gains in the count have been fed by the rising price of oil, with WTI prices up almost 3 dollars this week at around $66.15 per barrel, the highest level since 2014, making exploration and development by North American drillers increasingly profitable.