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US Oil and Gas Rig Count Update
In the latest report from Baker Hughes, the United States has witnessed a marginal increase in its oil rig count, reaching 480 active rigs for the week ending February 2. This marks a one-rig increase from the previous week but shows a significant drop of 19 rigs when compared to the same period last year.
Gas Rig Count and Total Rigs Overview
Conversely, the gas rig count in the US has seen a slight uptick, with two additional rigs bringing the total to 100. However, this figure is down by 21 rigs from the previous year. The overall rig count across the country now stands at 586, reflecting a weekly increase of 4 rigs but a year-on-year decrease of 37 rigs.
Canadian Rig Count Update
Turning our attention northward, Canada's rig count has been reported at 249 for the same week. The country has experienced a decrease in its oil rig count by 9, settling at 177, while the number of gas rigs remains steady at 72. Interestingly, Canada's oil rig count has surged by 36 rigs compared to the same timeframe in 2024.
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