Weekly Update on US Oil and Gas Rigs

The United States saw a slight increase in its oil rig count, reaching 489 by the week ending April 4. This marks a rise of five rigs from the previous week, as reported in the latest Baker Hughes weekly rig count. However, when compared to the same period last year, there's a noticeable decrease of 19 oil rigs.

Gas Rig Count and Total Rigs Overview

In contrast, the gas rig count in the US experienced a decline, dropping by 7 to 96 for the same week. Annually, this number has fallen by 14. The total count of rigs across the country now stands at 590, showing a decrease of two from the last week and a significant drop of 30 from the previous year.

Canadian Rig Count Trends

Canada's rig count narrative tells a different story, with a weekly decrease of 10 rigs, bringing the total to 153. Yet, this figure represents an increase of 17 compared to the same timeframe in 2024. Specifically, oil rigs in Canada decreased by 9 to 99, while the number of gas rigs remained steady at 54, unchanged from the week before.