US Oil and Gas Rig Count Update

This week, the United States witnessed a modest uptick in its oil rig count, with Baker Hughes reporting a total of 480 operational oil rigs as of 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 notable decrease of 19 oil rigs.

Gas Rig Count and Total Rigs

In the realm of gas, the US saw an addition of two rigs, bringing the total to 100. Despite this weekly gain, the gas rig count has seen a significant drop of 21 rigs compared to last year. Overall, the total number of rigs in the US has risen by 4 from last week to 586, yet it has decreased by 37 from the previous year.

Canadian Rig Count Overview

Turning our attention northward, Canada's rig count has remained steady at 249. The oil rig count in Canada has decreased by 9 to 177, while the gas rig count has stayed constant at 72. Interestingly, Canada's oil rig count has surged by 36 compared to the same period in 2024.