The Baker Hughes North American rig count is up 6 in the May 12 week to 965, posting the second consecutive weekly increase after last week's rise interrupted a continuous string of weekly declines that started on February 24. The U.S. rig count is up 8 to 885 and is up 479 rigs from last year. The Canadian count is down 2 from last week to 80, but compared to last year is up 37 rigs.
For the U.S. count, rigs classified as drilling for oil are up 9 to 712, gas rigs are down 1 to 172, and miscellaneous rigs are unchanged at 1. For the Canadian count, oil rigs are up 2 to 29 and gas rigs are down 4 to 51.
The week's data shows U.S. rigs continuing to rise at a strong rate while the Spring breakup decline in the Canadian count begins to slow. Once the Spring breakup ends, which usually happens around the end of May, the overall North American count will likely rise more rapidly as Canadian exploration and development comes on board again.