Canadian Drilling – Nothing to See Here, People. Move Along.

For the week of September 26, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 60 (blue line and text in left hand chart below), five less than one year ago and is holding at its highest point since mid-March. The oil-directed rig count rose two to 128 (red line and text in right hand chart), 22 less than a year ago and is the highest since the second week of March. Drilling activity has continued to trend mostly sideways due to increased caution exercised by producers over capital spending programs.