US Oil and Gas Rig Count Update

The United States has witnessed a decline in oil rigs, with the count dropping by four to 483 in the week ending May 2, according to the latest Baker Hughes report. This marks a 20-rig decrease compared to the same period last year. On the other hand, gas rigs saw a slight increase of two week-on-week, though they decreased by one year-on-year, totaling 101. Overall, the US rig count stands at 584.

Canadian Rig Count Trends

In Canada, the oil rig count experienced a seven-rig drop from the previous week but showed a 14-rig increase compared to 2024, reaching 74. Gas rigs, however, declined by one from the previous week and by 14 from the previous year, settling at 46. This brings Canada's total rig count to 120.