The Baker Hughes North American rig count is up 117 rigs in the January 12 week to 1,215, led again by the rebounding volatile count for Canada following a seasonal weather-related plunge at year end. The U.S. rig count is up 15 rigs from last week to 939 and is up 280 rigs from last year at this time. The Canadian count is up 102 rigs from last week to 276 but is down 39 rigs compared to last year.
For the U.S. count, rigs classified as drilling for oil are up 10 at 752 and gas rigs are up 5 at 187. For the Canadian count, oil rigs are up 87 at 185 and gas rigs are up 15 at 91.
Rising oil prices, currently at 3-year highs and around $64 per barrel, are likely to lead to further gains in drilling activity by North American exploration and development companies.