Weekly Oil Rig Count Shows Slight Decrease

The United States saw a minor decrease in its oil rig count, dropping by two to 422 in the week ending July 18, as reported by Baker Hughes. This marks a significant annual decline of 55 rigs compared to the previous year.

Gas Rigs Experience Notable Growth

Contrasting the oil sector, the gas rig count in the US increased by nine to 117 during the same week, showing a robust annual growth of 14 rigs. The total number of active rigs in the country now stands at 544, reflecting a weekly increase of seven and an annual rise of 42.

Canadian Rig Count on the Rise

Canada's energy sector showed positive momentum with the total rig count increasing by ten to 172. The oil rig count in Canada grew by eight to 120, and gas rigs saw a modest increase of two, reaching 52. Despite this weekly growth, Canada's oil rig count is down by 10 compared to the same period in 2024.