Baker Hughes Showing Higher Rig Counts, From Canada (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its latest count of rigs for oil and gas investors and the count is up marginally.  The United States was flat at 2,008 rigs while Canada was up by 28 at 682 rigs.  The year over year gains were more pronounced than the weekly changes:

• U.S. Rig Count is unchanged from last week at 2008; up 276 year over year.
• Canadian Rig Count up 28 from last week at 682; up 45 year over year.
• The U.S. Offshore rig count is 42, down 3 from last week;  up 16 year over year.

The report is referred to by the firm as follows: “an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry.”