US Oil and Gas Rig Count Update

In the latest energy sector update, the United States has observed a marginal increase in its oil rig count. According to the Baker Hughes weekly rig count, as of February 2, the number of operational oil rigs has risen by one, bringing the total to 480. This figure, however, marks a decrease of 19 rigs compared to the same period last year.

Gas Rig Count and Total Rigs in the US

Simultaneously, the gas rig count in the US has seen a slight uptick, with an addition of two rigs, totaling 100. This is a decrease of 21 when compared year-over-year. The overall rig count across the country now stands at 586, showing a weekly increase of 4 but a significant annual drop of 37.

Canadian Rig Count Overview

Turning our attention northward, Canada's rig count presents a different picture. The country reported a total of 249 rigs for the week. Specifically, the oil rig count fell by 9 to 177, while the gas rig count remained steady at 72. Interestingly, Canada's oil rig count has surged by 36 compared to the same timeframe in 2024.