For the week ending September 20, Baker Hughes reported that the Western Canadian gas-directed drilling rig count fell by one to 66 (blue line in left hand chart below), nine less than one year ago. The oil-directed drilling rig count fell by six to 141 (red line in right hand chart), 26 more than a year ago, and stands at its lowest level since mid-July. The gas rig count remains little changed in recent weeks as most gas producers remain unwilling to commit to higher activity levels. The pullback in the oil rig count is partly counterseasonal but remains near the high end of the historic range.
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- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Little Changed
Canadian drilling was little changed in the latest week. Gas drilling has shown little movement for months in light of extreme weakness in natural gas prices. Oil drilling remains above the five-year range.
- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Little Changed
Canadian rig counts were little changed with oil rigs holding strong and gas rigs unable to move higher owing to poor natural gas prices.
- Analyst Insight
Canadian Drilling – Oil Rig Count Hits 19-Month High; Gas Rig Count Continues Downward Drift
Canadian oil rig count hit a 19-month high as Canadian crude prices remain very attractive; gas rig count drifted lower as Western Canadian gas prices remain extremely weak just before the start of winter.
