The Baker Hughes North American rig count is down 10 rigs in the November 3 week to 1,090. The U.S. rig count is down 11 rigs at 898 but is up 329 rigs from last year at this time. The Canadian count is up 1 rig from last week to 192 but compared to last year is up 38 rigs.
For the U.S. count, rigs classified as drilling for oil are down 8 rigs at 729 while gas rigs are down 3 rigs to 169. For the Canadian count, oil rigs are up 4 rigs at 100, gas rigs are down 3 rigs at 91 and miscellaneous rigs are unchanged at 1.
Following the release of the report, the smaller future domestic production gains implied by the fifth weekly decline in a row for the count helped propel WTI crude oil prices up about 40 cents to around $55.30 per barrel, the highest level in more than two years.