Weekly Decline in US Oil Rig Count

The United States witnessed a decrease in its oil rig count, with numbers dropping by five to 474 in the week ending May 9, as reported by Baker Hughes. This marks a significant 22-rig decline compared to the same period last year.

Stable Gas Rig Count Amidst Annual Drop

While the gas rig count remained unchanged during the reported week, it's noteworthy that there was a decrease of two rigs when compared to the previous year. Currently, the total rig count in the US stands at 578, showing a weekly decrease of six and an annual drop of 25.

Canadian Rig Count Also Sees a Dip

Canada wasn't left out of the downward trend, with its total rig count decreasing by six to 114. Specifically, oil rigs in Canada saw a reduction of six to 68, whereas the number of gas rigs remained steady at 46, unchanged from the prior week.