US Oil and Gas Rig Count Update

In a recent update from Baker Hughes, the United States has seen an increase in its oil rig count by seven, bringing the total to 479 as of the week ending January 31. This uptick comes despite a 20-rig decrease compared to the same period last year, showcasing a nuanced picture of the industry's current state.

Gas Rig Count and Overall Trends

Contrasting the oil sector, the gas rig count in the US experienced a slight decline, dropping by one to 98. This figure also represents a decrease of 20 rigs from the previous year. Overall, the total number of operational rigs in the US has reached 582, marking a six-rig increase from the previous week but a 37-rig decrease from the previous year.

Canadian Rig Count Sees Growth

Turning our attention north, Canada's rig count has shown significant growth, with a total increase of 13 rigs, bringing the count to 258. Specifically, oil rigs in Canada have increased by 12 to 186, while gas rigs have seen a modest increase of one, totaling 72.