US Oil Rig Count Declines

According to the latest Baker Hughes weekly rig count, the United States has experienced a decrease in oil rigs, with the count standing at 410 for the week ending August 1. This marks a reduction of five rigs from the previous week and a significant annual drop of 72.

Gas Rig Count Shows Increase

In contrast to the oil sector, the US gas rig count saw an uptick, increasing by two to 124 during the same week. Compared to last year, the gas rig count has surged by 26, showcasing a robust growth in this segment.

Total Rig Count Overview

The overall number of rigs in the US now totals 540, reflecting a slight weekly decrease of two and a more pronounced annual decline of 46. This data highlights the shifting dynamics within the energy sector.

Canadian Rig Count Also Drops

Canada's rig count followed a similar trend, decreasing by five to 177 on a weekly basis. The oil rig count in Canada fell by four to 124, while gas rigs declined by one to 53. Annually, Canada's oil rig count was down by 26 from the same period in 2024.