For the week ending November 15, Baker Hughes reported that the Western Canadian gas-directed rig count fell two to 63 (blue line in left hand chart below), 10 less than one year ago, its lowest reading in seven weeks, and still very much in the 60s range where it has been since the start of July. The oil-directed rig count dipped five to 135 (red line in right hand chart), 13 more than a year ago and an 18-week low. The gas rig count remains generally stable, but several large producers have recently announced further deferrals to gas-focused drilling programs to very late this year or early 2025. The sixth consecutive weekly drop in oil rigs may be reflecting seasonal variations, the timing of capital spending programs, and some rigs that may be on the move in preparation for winter access-only drilling sites.
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- Analyst Insight
Canadian Drilling – Oil Rigs Move Lower Once Again, Small Uptick for Gas Rigs
The Canadian oil rig count made a surprising move lower, while gas rigs inched a little higher - almost the opposite of what one might expect.
- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Dip Lower
Canadian oil and gas rig count slipped lower in the latest week but remain very active for this time of year, especially on the oil drilling side.
- Analyst Insight
Canadian Drilling – Oil Rig Count Slips Lower, Gas Rig Count Holds Near Flat
The Canadian gas rig count continues to hold a sideways pattern in the 60s, while oil rigs have slipped lower from the recent peak likely due to seasonal factors.
