For the week ending September 27, Baker Hughes reported that the Western Canadian gas-directed drilling rig count fell one to 65 (blue line in left hand chart below) and 11 less than one year ago. The oil-directed drilling rig count rose nine to 150 (red line in right hand chart), 35 more than a year ago, and is at its highest level since early March 2023. The gas rig count has drifted lower in the past three weeks as most gas producers remain unwilling to commit to higher activity levels. The increase in the oil rig count reflects a bounce back from the counter-seasonal drop of the previous week.
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- 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.
- Analyst Insight
Canadian Drilling – Oil Rig Count Pushes Higher, Gas Rigs Headed Nowhere
Canadian oil related drilling has pushed to a 17-month high thanks to drilling in the oil sands and other heavy oil; gas rigs are going nowhere as producers remain reluctant to commit to higher levels of activity until there is a recovery in gas prices.
- Analyst Insight
Canadian Drilling – Oil Rig Count Has Surprising Pullback; Gas Rig Count Dips
Canadian oil rig counts suffered a counter-seasonal pullback, but remain near the top end of the historic range; gas rigs slipped one and remain stagnant.
