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Worldwide Rig Count
(Since March 2000)

Source: Baker Hughes

The number of worldwide rigs dropped by almost 100 in March,

Baker Hughes

reported Friday. The worldwide rig count now stands at 2,331, just off its highs of last month. In February, the rig count reached a 13-year high as the number of rigs climbed to 2,430.

In March, Canada accounted for the bulk of the drop, as it saw the number of rigs fall by 117 from February. Most of the other regions held steady, save the United States.

The U.S. added 28 rigs from February to March. Analysts at Baker Hughes have said to keep an eye on the U.S. component of the worldwide rig count, as the U.S. gets most of its natural gas capacity at home. The number of rigs deployed in the U.S. will eventually be constrained, says Baker Hughes. That constraint eventually could lead to even higher prices. That constraint doesn't seem to be materializing yet, as judged by the healthy increase in U.S. rigs in March.