Mixed Data in Weekly Rig Counts (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its weekly rig counts for the oil and gas sector.  In the last week, the United States saw a drop of 11 rigs down 1,997 rigs.  Canada showed a gain with some 28 more rigs coming up to a total of 710 rigs.

While the United States data is down for the week, it is actually up by 258 rigs on a year over year basis.

The Canadian rig count was up for the year as well as for the last week, with the gains showing 84 more rigs compared to a year ago. 

The United States offshore rig count is unchanged from the previous week with a count of 42 rigs, however this is actually a gain of 15 rigs on a year over year basis.

As the report notes, “The Baker Hughes Rig Counts are 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. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.”