US Oil and Gas Rig Count Update

In the latest weekly report from Baker Hughes, the number of oil rigs operating in the United States has seen a slight increase, reaching 480 in the week ending February 2. This marks an addition of one rig compared to the previous week. However, when looking at the annual figures, there's a noticeable decline, with the number of oil rigs decreasing by 19.

Gas Rig Count and Total Rigs

The gas rig count in the US has also experienced a rise, with an addition of two rigs, bringing the total to 100. Despite this weekly increase, the annual comparison shows a significant drop of 21 rigs. The overall count of rigs in the United States now stands at 586, which is an increase of 4 from the previous week but a decrease of 37 from the same time last year.

Canadian Rig Count Overview

Turning our attention to Canada, the rig count for the week remains at 249. There's a noticeable decrease in the number of oil rigs, down by 9 to 177, while the number of gas rigs has remained stable at 72. Interestingly, when compared to the previous year, Canada's oil rig count has seen an increase of 36.