Weekly Decline in US Oil Rig Count

According to the latest report by Baker Hughes, the United States witnessed a decrease in the number of oil rigs by two, bringing the total to 486 for the week ending February 28. This marks a significant drop of 20 rigs compared to the same period last year.

Gas Rig Count Sees a Slight Increase

In contrast, the gas rig count experienced a minor increase of three rigs from the previous week, totaling 102. However, this figure is still 17 rigs less than the count from the same timeframe in the previous year.

Overall Rig Count in the US

When considering both oil and gas rigs, the US saw a net increase of one rig week-on-week, but a decrease of 36 rigs year-on-year, bringing the total to 593.

Canadian Rig Count Trends

Canada's oil rig count rose by three rigs from the previous week and 33 rigs from the same period last year, reaching a total of 177. Meanwhile, gas rigs increased by one from the previous week but decreased by 16 compared to the same period in 2024, totaling 71 rigs.