Weekly Oil Rig Counts Lower in U.S. & Canada (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its weekly rig counts.  Both counts fell in the United States and in Canada, with the drops counted as being 8 rigs in the United States and 1 rig in Canada as follows:

• BHI Rig Count: U.S. – 8 @ 1989, Canada – 1 @ 709
• U.S. Rig Count is down 8 from last week at 1989; up 268 year over year.
• Canadian Rig Count down 1 from last week at 709; up 79 year over year.
• The US Offshore rig count is 40, down 2 from last week at 42; up 14 year over year.

The good news is that these figures are still higher year over year.

Baker Hughes notes that this rig count data can be used as an important business barometer for the drilling industry and its suppliers. Specifically noted: “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.”