US Oil and Gas Rig Count Weekly Update

In a recent report by Baker Hughes, the United States has witnessed a decrease in the number of active oil rigs, with a total drop of six, bringing the count down to 472 for the week ending January 24. This marks a significant 27-rig decline compared to the same period last year.

Contrastingly, the gas rig count in the US saw a slight increase, adding one more rig to reach a total of 99. However, this is still a decrease of 20 rigs from the previous year. Overall, the total number of rigs operating in the US stands at 576, reflecting a weekly decrease of four and an annual decrease of 45.

Canadian Rig Count Shows Improvement

On a brighter note, Canada's total rig count has shown improvement, with an increase of 16 rigs from the previous week, totaling 245. The oil rig count in Canada surged by 18 to 174, while the gas rig count experienced a minor drop of two, settling at 71.