US Oil Rig Count Climbs

In a recent update from Baker Hughes, the United States has seen an increase in its oil rig count, with seven new rigs added, bringing the total to 479 for the week ending January 31. This marks a notable shift from the previous year, where the count had decreased by 20.

Gas Rig Count Dips

Contrasting the oil sector, the gas rig count in the US experienced a slight decline, dropping by one to 98. Compared to the same period in 2024, this represents a decrease of 20 rigs. Overall, the total number of rigs in the US has risen by six from the previous week, totaling 582, yet it's down by 37 from the previous year.

Canadian Rig Activity Increases

North of the border, Canada has reported an uptick in rig activity, with a total increase of 13 rigs, reaching 258. This includes a rise of 12 oil rigs to 186, and a single addition to the gas rig count, now at 72.