For the week ending July 26, Baker Hughes reported that the Western Canadian gas-directed drilling rig count rose one to 67 (blue line in left hand chart below) and five less than a year ago. For the oil-directed drilling rig count, it rose 13 to 140 (red line in right hand chart), 20 more than a year ago and five above the top end of the five-year range. The gas rig count continues to post minimal increases and remains behind the pace of last year. The very strong oil rig count continues to underscore producers’ desire to capitalize on sustained strength in crude oil prices and additional egress capacity provided by the Trans Mountain Pipeline expansion.
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- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Push Seasonally Higher
Canadian rig counts continue to trend higher; gas remains softer than last year's level, while oil is above the five-year range.
- Analyst Insight
Canadian Drilling – Oil Rig Count Holding Strong, Gas Rigs Dull as Dishwater
The Canadian oil rig count remains strong and well above the five-year average range. More pipeline capacity and solid oil heavy oil prices continue to incentivize oil drilling, especially in the oil sands. Gas rigs remain dull, unable to break out to the upside as gas producers continue to hold back activity in the face of very weak gas prices.
- Analyst Insight
Canadian Drilling – Oil Rig Count Reaches 17-Month High, Gas Rigs Post Slight Increase
Canadian oil drilling rig count hit a 17-month high on the back of strong oil prices,; gas rog count inched higher once again.
