Weekly Oil Rig Count Update

In the latest Baker Hughes weekly rig count report, the United States observed a modest increase in its oil rig count, reaching 480 by the week ending February 2. This marks a one-rig increase from the previous week, showcasing a slight uptick in drilling activity. However, when compared to the same period last year, there's a noticeable decline of 19 oil rigs, indicating a broader trend of reduced exploration and production activities.

Gas Rig and Total Rig Count Insights

Simultaneously, the gas rig count in the U.S. saw an increase of two, totaling 100 rigs for the week. Despite this weekly gain, the annual comparison reveals a significant reduction, with 21 fewer gas rigs operating than the previous year. The overall rig count, combining both oil and gas, currently stands at 586. This represents a weekly increase of 4 rigs but a year-over-year decrease of 37, reflecting the volatile nature of the energy sector.

Canadian Rig Count Overview

Turning our attention northward, Canada's rig count for the week was reported at 249. Notably, the oil rig count in Canada decreased by 9 to 177, while the gas rig count remained steady at 72. Interestingly, compared to the same period in 2024, Canada's oil rig count has surged by 36, highlighting a contrasting trend to that observed in the United States.