US Oil and Gas Rig Count Update

In a recent update from Baker Hughes, the United States oil rig count has seen a modest increase, reaching 481 in the week ending February 14. This marks a rise of one rig from the previous week, despite a year-over-year decrease of 16 rigs.

Gas Rig and Total Rig Count Insights

Similarly, the US gas rig count experienced a slight uptick, advancing by one to 101. However, when compared to the same period last year, there's a notable decline of 20 rigs. Overall, the total number of rigs across the country now stands at 588, showing a weekly increase of two but a yearly decrease of 33.

Canadian Rig Count Overview

Turning our attention northward, Canada's rig count for the same week was reported at 245. The country witnessed a decrease in oil rigs by three, bringing the total to 174, while gas rigs saw a minor reduction of one, totaling 71. Despite these weekly decreases, Canada's oil rig count has surged by 30 compared to the previous year.