US Oil Rig Count Sees a Minor Drop

According to the latest Baker Hughes weekly rig count, the United States witnessed a slight decrease in its oil rig count, which now stands at 424 as of the week ending July 11. This marks a reduction of one rig from the previous week and a significant 54 rigs drop compared to the same period last year.

Stable Gas Rig Count Amid Annual Decline

The gas rig count in the US remained steady at 108 for the reported week, showing no change from the previous week but an eight rig decrease from the previous year. Overall, the total number of rigs in the US has seen a decrease, now totaling 537, which is two less than the prior week and 47 fewer than the same time in 2024.

Canada's Rig Count on the Rise

In contrast to the US, Canada experienced an increase in its total rig count, adding 11 to reach 162. The oil rig count in Canada saw a notable rise of ten, bringing the total to 112, while the gas rig count slightly decreased by one to 50.