US Oil and Gas Rig Count Update

In the latest weekly report from Baker Hughes, the United States has seen a modest increase in its oil rig count, reaching 480 by the week ending February 2. This marks a rise of one rig from the previous week. However, when compared to the same period last year, there's a noticeable decline of 19 oil rigs.

Gas Rig Count and Total Rigs

Similarly, the gas rig count in the US has seen an uptick, with an addition of two rigs, bringing the total to 100. Despite this weekly increase, the annual comparison shows a decrease of 21 gas rigs. Overall, the total number of rigs in the country now stands at 586, up by 4 from last week but down by 37 from last year.

Canadian Rig Count Overview

Turning our attention to Canada, the rig count holds steady at 249 for the week. The oil rig count in Canada has decreased by 9, settling at 177, while the gas rig count remains unchanged at 72. Interestingly, compared to the same period in 2024, Canada's oil rig count has seen a significant increase of 36 rigs.