US Oil and Gas Rig Count Update

In a recent update from Baker Hughes, the United States oil rig count has seen a slight increase, adding one more rig to reach a total of 480 in the week ending February 2. This marks a subtle yet significant shift in the oil industry's landscape, reflecting the market's ongoing adjustments and resilience.

On a broader scale, the total number of rigs in the US, including both oil and gas, now stands at 586. This represents an increase of 4 rigs from the previous week. However, when compared to the same period last year, there's a noticeable decrease of 37 rigs, highlighting the dynamic nature of the industry.

Canadian Rig Count Overview

Turning our attention to Canada, the rig count tells a different story. The country's oil rig count has decreased by 9 to 177, while the gas rig count remains steady at 72. Despite the weekly decline, Canada's oil rig count has shown significant growth from the previous year, with an increase of 36 rigs compared to the same period in 2024.