Weekly and Yearly Oil Rig Count Analysis

In the latest report from Baker Hughes, the United States observed a minor decrease in its oil rig count, with a total of 486 rigs active as of February 28. This marks a reduction of two rigs from the previous week and a significant drop of 20 rigs compared to the same period last year.

Gas Rig Count Sees Mixed Trends

Conversely, the gas rig count in the U.S. experienced a slight increase, adding three rigs to reach a total of 102. However, this figure is still down by 17 rigs when compared to the previous year. Overall, the combined total of oil and gas rigs in the country saw a minimal weekly increase of one but a notable annual decrease of 36, settling at 593 rigs.

Canadian Rig Count Overview

Turning our attention northward, Canada's oil rig count presented a positive trend, with an addition of three rigs over the week and a substantial increase of 33 rigs year-over-year, totaling 177. The gas rig count in Canada also saw a weekly uptick by one but faced a decline of 16 rigs from the previous year, ending at 71 rigs.