US Oil and Gas Rig Count Update

In a recent report by Baker Hughes, the United States has seen a decline in its oil rig count, with numbers dropping by 4 to 483 in the week ending May 2. This marks a significant decrease of 20 rigs compared to the same period last year.

Gas Rig Count Sees Slight Increase

Contrasting the oil sector, the gas rig count experienced a modest rise of two week-on-week, though it still reflects a minor decrease of one year-on-year, totaling 101 rigs. Overall, the US rig count stands at 584.

Canadian Rig Count Trends

Canada's oil rig count also showed a notable shift, decreasing by seven from the previous week but increasing by 14 compared to 2024, reaching 74. The gas rig count in Canada decreased by one week-on-week and 14 year-on-year, totaling 46. This brings Canada's total rig count to 120.