US Oil and Gas Rig Count Update

The United States witnessed a slight decrease in its oil rig count, with Baker Hughes reporting a total of 483 oil rigs operational as of the week ending May 2. This marks a decline of four rigs from the previous week and a more significant drop of 20 compared to the same period last year.

On the other hand, the gas rig count saw a modest increase of two rigs week-on-week, totaling 101, despite a year-on-year decrease of one. Combining both oil and gas, the total number of operational rigs in the US stands at 584.

Canadian Rig Count Trends

Canada's oil rig count experienced a weekly decrease of seven rigs, yet it shows a positive annual growth of 14 rigs, reaching a total of 74. Conversely, gas rigs in Canada decreased by one rig from the previous week and 14 from the previous year, resulting in a total of 46 gas rigs. Overall, Canada's rig count sums up to 120.