US Oil Rig Count Sees a Significant Rise

In a recent update from Baker Hughes, the United States has witnessed an increase in its oil rig count by seven, bringing the total to 479 for the week ending January 31. This marks a notable shift in the industry's dynamics, despite a 20-rig decrease compared to the same period last year.

Gas Rig Count and Overall Rig Statistics

Contrasting the oil sector's growth, the gas rig count in the US saw a slight decline, dropping by one to 98. This reflects a 20-rig decrease from the previous year. However, the total rig count in the country, including both oil and gas rigs, experienced a net increase of six from the previous week, totaling 582, albeit a 37-rig drop from the previous year.

Canadian Rig Count on the Rise

North of the border, Canada reported a substantial increase in its total rig count, with a 13-rig jump to 258. The oil rig count alone saw an increase of 12, reaching 186, while the gas rig count inched up by one to 72, indicating a positive trend in the Canadian energy sector.