US Oil Rig Count Rises to 480

According to the latest Baker Hughes weekly rig count, the number of oil rigs in the United States has seen a slight increase, standing at 480 for the week ending February 2. This marks an increase of one rig from the previous week, despite a notable annual decrease of 19 rigs.

Gas Rig Count and Total Rigs Also See Changes

The US gas rig count also experienced changes, advancing by two to reach 100 for the same week. However, compared to last year, there's a decrease of 21 gas rigs. Overall, the total number of rigs in the country now stands at 586, showing a weekly increase of 4 but an annual decrease of 37.

Canadian Rig Count Overview

In Canada, the rig count for the week was reported at 249. The oil rig count saw a decrease of 9, bringing the total to 177, while the gas rig count remained steady at 72. Interestingly, when compared to the same period in 2024, Canada's oil rig count has increased by 36.