US Oil Rig Count Sees a Minor Decrease

According to the latest Baker Hughes weekly rig count, the United States witnessed a slight decrease in oil rigs, with the count dropping by one to 482 for the week ending January 3. This marks a decrease of 19 rigs compared to the same period last year.

Gas Rig Count and Total Rigs Overview

In contrast to the oil rig count, the US gas rig count experienced a minor increase, rising by one to 103. However, this figure represents a significant drop of 15 rigs from the previous year. The total number of rigs across the country remained steady at 589, unchanged from the previous week but showing a decrease of 32 rigs from the previous year.

Canadian Rig Count Trends

Canada's rig count also saw a decrease, with the number of rigs dropping by one to 94 on a weekly basis and falling by 31 from the same period in 2023. The oil rig count in Canada remained stable at 44, while the gas rig count decreased by one to 50. Compared to the previous year, Canada's oil rig count was down by 14, and the gas rig count decreased by 17.