US Oil Rig Count Sees Slight Decrease

In the latest update from Baker Hughes, the United States witnessed a minor reduction in its oil rig count, dropping by one to a total of 486 rigs as of March 21. This change represents a year-on-year decrease of 23 rigs, signaling subtle shifts in the energy sector's landscape.

Gas Rig Count and Total Rig Numbers

Contrasting the oil rig count, the gas rig count in the US saw an increase of two, bringing the total to 102. However, this figure is still ten rigs lower than the count from the same period in 2024. Overall, the total number of rigs in the country slightly increased by one from the previous week, totaling 593, yet it is 31 rigs less compared to the previous year.

Canadian Rig Count Adjustments

North of the border, Canada experienced a more significant adjustment in its rig count, with a decrease of 19 rigs from the previous week, resulting in a total of 180 rigs. Specifically, oil rigs in Canada decreased by 21 to 118, while gas rigs saw a modest increase of one, totaling 61.