For the week of July 25, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 54 (blue line and text in left hand chart below), 13 less than one year ago and the lowest for this time of year since 2021. The oil-directed rig count increased by eight to 127 (red line and text in right hand chart), 13 less than a year ago and the lowest for this time of year since 2021. Further increases in rig counts will be reliant on weather/seasonal factors and, particularly for natural gas rig counts, a sustained improvement in natural gas prices, as well as the degree of caution exercised by some producers over capital spending.
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- Analyst Insight
Canadian Drilling – Summer Heat Lifts Rig Counts
For the week of July 11, the Canadian oil rig count rose with drier weather while the gas rig limped higher.
- Analyst Insight
Canadian Drilling – Rig Counts Drift Higher
Another modest upswing for rig counts but producers are in no hurry to rapidly increase drilling.
- Analyst Insight
Canadian Drilling – Rig Counts Creep Higher to Start July
The Canadian drilling rig count makes some headway going into July but still lags year ago activity levels.
