US Oil Rig Count Climbs

In a recent update, the United States has seen its oil rig count increase by seven, reaching a total of 479 rigs as of the week ending January 31, according to the latest Baker Hughes weekly rig count. This marks a significant shift, especially when considering the annual decrease of 20 rigs.

Gas Rig Count and Total Rigs

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

Canadian Rig Count Rises

North of the border, Canada's total rig count has seen an increase of 13, reaching 258. Specifically, the country's oil rig count has grown by 12 to 186, while the gas rig count has inched up by one to 72.