US Oil Rig Count Rises to 480

In the latest update from Baker Hughes, the United States oil rig count has seen a minor increase, reaching 480 active rigs as of the week ending February 2. This marks a rise of one rig from the previous week, showcasing a slight uptick in activity within the sector. However, when compared to the same period last year, there's a noticeable decrease of 19 oil rigs, indicating a complex landscape for the US oil industry.

Gas Rig Count and Total Rigs Show Mixed Trends

Alongside oil, the gas rig count in the US also experienced an increase, adding two more rigs to reach a total of 100. Despite this weekly gain, the annual comparison reveals a significant drop of 21 gas rigs. The total number of active rigs across the country, including both oil and gas, now stands at 586. This figure represents a weekly increase of 4 rigs but a year-over-year decrease of 37, highlighting the fluctuating dynamics of the energy sector.

Canadian Rig Count Reflects Decrease in Oil Rigs

Turning our attention north, Canada's rig count presents a different story. The country reported a total of 249 active rigs, with a notable decrease of 9 oil rigs, bringing the oil rig count down to 177. In contrast, the number of gas rigs remained steady at 72. Despite the weekly drop, Canada's oil rig count shows a significant increase of 36 rigs compared to the same period in the previous year, suggesting a recovery or growth in certain segments of the Canadian oil industry.