US Oil Rig Count Rises to 480

According to the latest report from Baker Hughes, the number of active oil rigs in the United States has seen a slight increase. As of the week ending February 2, there are 480 oil rigs in operation, marking an increase of one rig from the previous week. However, when compared to the same period last year, the count has decreased by 19 rigs.

Gas Rig Count and Total Rigs in the US

In addition to oil rigs, the gas rig count in the US also experienced an uptick, with an increase of two rigs, bringing the total to 100 for the same week. This represents a decrease of 21 rigs from the previous year. Overall, the total number of rigs operating in the United States now stands at 586, showing a slight increase of 4 rigs from last week but a decrease of 37 rigs from last year.

Canadian Rig Count Overview

Turning our attention to Canada, the rig count presents a different picture. The total number of rigs in operation is 249. Specifically, the oil rig count has decreased by 9 to 177, while the gas rig count remains steady at 72. Despite the weekly decrease, the oil rig count in Canada has seen a significant increase of 36 rigs compared to the same period in 2024.