US Oil Rig Count Sees Slight Increase

In the week ending February 2, the United States witnessed a minor uptick in its oil rig count, reaching 480, according to the latest Baker Hughes weekly rig count report. This marks an increase 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 Overview

Simultaneously, the US gas rig count experienced a rise, adding two rigs to reach a total of 100 for the same week. Despite this weekly gain, the annual comparison shows a significant drop of 21 gas rigs. The overall tally for rigs across the country now stands at 586, reflecting a weekly increase of 4 but a yearly decrease of 37.

Canadian Rig Count Details

Shifting focus to Canada, the rig count for the week was reported at 249. There was a decrease in oil rigs by 9, bringing the total to 177, while the number of gas rigs remained steady at 72. Interestingly, Canada's oil rig count has surged by 36 when compared to the same timeframe in 2024.