Weekly Decline in US Oil Rigs

The United States has witnessed a notable decrease in its oil rig count, with numbers falling by 7 to 415 in the week ending July 25, as reported by Baker Hughes. This marks a significant drop of 67 rigs compared to the same period last year, highlighting potential shifts in the oil market dynamics.

Gas Rig Count Contrasts with Oil Trends

In contrast to the declining oil rigs, the US gas rig count saw an increase of 5, reaching 122 for the same week. This represents a substantial jump of 21 rigs from the previous year, indicating a divergent trend between oil and gas exploration activities.

Overall Rig Count and Canadian Figures

The total number of rigs in the US now stands at 542, a slight decrease of 2 from last week but a significant 47-rig drop from last year. Meanwhile, Canada's rig count advanced by 10 to 182, with oil rigs increasing by 8 to 128 and gas rigs declining by 2 to 54. Canada's oil rig count was down by 16 compared to the same period in 2024.