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ENERGY: Global Rig Counts Rose by 22 in August Led by Canada: Baker Hughes

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The monthly data from Baker Hughes shows the global oil and gas rig counts rose by 22 in August driven primarily by a rise in Canada. However, the international rig count, excluding US and Canada, edged lower by 3 in the month to 931.

  • Total rig counts are still down from 1788 in August 2023 driven primarily by a decline of 61 in the US to 586 although the US was unchanged this month.  International rigs have fallen 21 in the year.
  • The rise in Canada by 25 m/m was driven by the total land count drilling for oil which has recovered from a low of 61 in April 2024 back up to 147 this month. The gas count and offshore counts were just marginally higher on the month.
  • The latest Baker Hughes weekly US rig count data is due for release later today at 13:00ET.  The US oil rig count last week held steady at 483 compared to a low of 477 in July, while the US gas rig count fell further to the lowest since April 2021 at 95.

 

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The monthly data from Baker Hughes shows the global oil and gas rig counts rose by 22 in August driven primarily by a rise in Canada. However, the international rig count, excluding US and Canada, edged lower by 3 in the month to 931.

  • Total rig counts are still down from 1788 in August 2023 driven primarily by a decline of 61 in the US to 586 although the US was unchanged this month.  International rigs have fallen 21 in the year.
  • The rise in Canada by 25 m/m was driven by the total land count drilling for oil which has recovered from a low of 61 in April 2024 back up to 147 this month. The gas count and offshore counts were just marginally higher on the month.
  • The latest Baker Hughes weekly US rig count data is due for release later today at 13:00ET.  The US oil rig count last week held steady at 483 compared to a low of 477 in July, while the US gas rig count fell further to the lowest since April 2021 at 95.

 

Keep reading...Show less