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Another increase puts rig counts near 3-month high

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Another increase puts rig counts near 3-month high

Afifth increase in rig counts in the last six weeks helped them to jump to theirhighest level since the week ended April 15, with the weekly advance spurred bya rise in rigs targeting crude oil.

The rig count climbed nine to reach 440 during the week ended July 8,according to data from BakerHughes Inc. The figure was down 423 from the corresponding week ayear earlier and 1,591 rigs below the Sept. 12, 2008, peak of 2,031.

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Naturalgas rigs declined one to 88 and were down 129 from the same week a year ago,putting them 1,518 rigs below the peak of 1,606 made in the week ended Sept.12, 2008.

Thenumber of rigs targeting crude oil gained 10 to 351 but was down 294 from thesame week a year earlier, putting them 1,258 rigs below the record high of1,609 set in the week ended Oct. 10, 2014.

TheNorth American rig count increased 14 to reach 521 but was down 511 from lastyear. Canadian rigs gained five and reached 81, which was 88 rigs below thesame week a year ago. rigs gained nine in the week ended July 8 to 417 but were down 410 fromthe same week last year. Inland water rigs were unchanged on the week at atotal of four but were one rig below a year ago. At 19, offshore rigs wereunchanged from last week but were down 12 from last year.

Bytrajectory, vertical rigs were unchanged from last week but fell 60 from lastyear to reach 61. Directional rigs dropped two to 36 and were down 52 from ayear ago. Horizontal rigs gained 11 on the week but were down 311 from lastyear to reach 343.