US Oil Rig Count Sees Notable Decline

The United States witnessed a decrease in its oil rig count, with numbers dropping to 480 in the week ending April 11. This marks a reduction of nine rigs from the previous week and a significant annual decline of 26 rigs, as reported by Baker Hughes.

Gas Rig Count Shows Slight Increase

Contrasting the oil sector, the US gas rig count experienced a minor uptick, adding one rig to reach a total of 97 for the same week. However, this figure still represents a decrease of 12 rigs compared to the previous year.

Overall Rig Count Trends

The total number of operational rigs across the United States now stands at 583. This reflects a weekly decrease of seven rigs and a more pronounced annual drop of 34 rigs.

Canadian Rig Count Also Declines

Canada's rig count wasn't immune to the downward trend, with a weekly decrease of 15 rigs bringing the total to 138. Specifically, oil rigs in Canada fell by eight to 91, while gas rigs decreased by seven to 47.