US Oil Rig Count Sees a Modest Increase

According to the latest Baker Hughes weekly rig count, the United States saw a slight increase in oil rigs, with the count reaching 480 by the week ending February 2. This marks an increase of one rig from the previous week. However, when compared to the same period last year, there's a noticeable decrease of 19 oil rigs.

Gas Rig Count and Total Rig Numbers

The gas rig count in the US also experienced a rise, going up by two to reach 100 rigs. Despite this weekly increase, the annual comparison shows a decline of 21 gas rigs. Overall, the total number of rigs in the country now stands at 586, which is an increase of 4 from last week but a decrease of 37 from the previous year.

Canadian Rig Count Overview

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