Commodities Buzz: US Rig Count Continues To Move Higher

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The drilling activity in the United States continued to rise, according to Baker Hughes, with a 6 rig increase to the number of active drilling rigs this week, according to Baker Hughes. The total rig count is now at 556. The US oil rig count rose this week to 454, marking a 4-rig increase since last week, and a 218 rig increase since this time last year. The number of gas rigs increased by 2 to 102, while miscellaneous rigs stayed the same at zero. Canadas overall rig count increased by 8. Active oil and gas rigs in Canada are now at 168, up 79 on the year. The US energy firms have added oil and natural gas rigs for a third week in a row now.

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