The North American rotary rig count fell back dramatically last week, with Canada’s count taking a bigger end-of-the-year holiday season hit than the US, Kallanish learns from the latest Baker Hughes report.

The US count continued to increase during the week ended 23 December. Five oil rigs and two gas rigs were added during the week, increasing the US count to 586 rigs. That is 238 higher than the 348 rigs operating during the same week of 2020.

New Mexico and Texas each added four net rigs during the week, while Louisiana removed one.

Meanwhile in Canada, 20 oil rigs, 13 gas rigs, and one miscellaneous rig were removed from the weekly count, reducing Canada’s tally by 34 for a total of 133. This is 51 rigs higher than the same week of 2020 when 82 rigs were operating.

North America’s total count now stands at 719 rigs - a decline of 27 from the previous week but an on-year rise of 289.

Strength in the oil and gas markets is expected to increase the total rig count throughout 2022.