Weekly U.S. Oil Rig Count Update

In the latest report from Baker Hughes, the United States oil rig count has seen a slight increase, reaching 481 by the week ending February 14. This marks a rise of one rig from the previous week. However, when compared to the same period last year, there's a noticeable decrease of 16 oil rigs.

Gas Rig Count and Overall Trends

The gas rig count in the U.S. also experienced a minor uptick, moving up by one to a total of 101. Year-over-year, this figure is down by 20 rigs. Overall, the total number of rigs in the country now stands at 588, which is two more than last week but 33 fewer than the previous year.

Canadian Rig Count Overview

Turning our attention north, Canada's rig count was reported at 245 for the same week. The oil rig count in Canada decreased by three to 174, while the gas rig count saw a reduction of one, totaling 71. Despite these weekly decreases, Canada's oil rig count has actually increased by 30 rigs compared to the same period in 2024.