US Oil Rig Count Rises to 480

In a recent update from Baker Hughes, the United States has witnessed a minor increase in its oil rig count, reaching 480 in the week ending February 2. This marks a one-unit rise from the previous week. Despite this weekly uptick, the annual comparison shows a decrease of 19 oil rigs, highlighting the fluctuating dynamics within the oil sector.

Gas Rig Count and Total Rig Numbers

Simultaneously, the US gas rig count has seen an increase of two, bringing the total to 100 for the same week. However, this figure represents a decline of 21 rigs compared to the previous year. Overall, the total number of active rigs in the US now stands at 586, showing a weekly increase of 4 but a yearly decrease of 37, indicating a complex scenario of recovery and decline in the energy sector.

Canadian Rig Dynamics

Turning our attention to Canada, the rig count presents a different picture. With a total of 249 rigs, Canada has experienced a decrease in oil rigs by 9, settling at 177, while the number of gas rigs remains steady at 72. Interestingly, Canada's oil rig count has seen a significant annual increase of 36 rigs from the same period in 2024, suggesting a robust growth trajectory in the Canadian oil sector.