US Oil and Gas Rig Count Update

This week, the United States saw a modest increase in its oil rig count, reaching a total of 480, up by one from the previous week. This data, released by Baker Hughes, highlights a slight uptick in domestic oil exploration activities. However, when compared to the same period last year, there's a notable decrease of 19 oil rigs.

Gas Rig Count Also Sees Growth

In addition to oil, the gas rig count in the US also experienced growth, with an increase of two rigs, bringing the total to 100. Despite this weekly gain, the annual comparison shows a significant drop of 21 gas rigs from the previous year.

Total Rig Count Overview

The overall rig count in the United States now stands at 586, marking an increase of four from last week but a decrease of 37 from the previous year. This mixed trend indicates a cautious approach in the oil and gas sector amidst fluctuating market conditions.

Canadian Rig Count Update

Turning our attention to Canada, the rig count remained steady at 249 for the week. However, the oil rig count saw a decrease of nine, totaling 177, while the gas rig count stayed unchanged at 72. Interestingly, compared to the same period in 2024, Canada's oil rig count has increased by 36, showcasing a contrasting trend to that of the US.