US Oil Rig Count Sees Slight Increase

According to the latest Baker Hughes weekly rig count, the United States saw a modest increase in oil rigs, with the count rising by one to 480 in the week ending February 2. This slight uptick contrasts with the annual trend, which shows a decrease of 19 rigs compared to the previous year.

Gas Rig Count and Total Rigs Overview

In the same period, the US gas rig count experienced a slight increase, moving up by two to reach 100. However, this figure represents a decrease of 21 rigs from the previous year. Combining both oil and gas, the total number of rigs in the US now stands at 586, marking an increase of 4 from last week but a decrease of 37 from the previous year.

Canadian Rig Count

Turning our attention northward, Canada's rig count remained steady at 249 for the week. The oil rig count in Canada saw a decrease of 9, settling at 177, while the gas rig count remained unchanged at 72. Despite the weekly decrease, Canada's oil rig count shows a significant increase of 36 rigs compared to the same period in 2024.