For the week of August 8, Baker Hughes reported that the Western Canadian gas-directed rig count rose four to 57 (blue line and text in left hand chart below), 12 less than one year ago and is the lowest for this time of year since 2020. The oil-directed rig count fell two to 121 (red line and text in right hand chart), 22 less than a year ago and the lowest for this time of year since 2023. Momentum behind additional gains in rig counts could remain muted for the rest of the summer as producers hold a cautious line on the deployment of capital spending.
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- Analyst Insight
Canadian Drilling – Mid-Summer Stall
Western Canadian rig counts took a small summer vacation this past week.
- 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.
- Analyst Insight
Canadian Drilling – Summer Vacation Lingers On for Rig Counts
Oil and gas rig counts remain trapped in a narrow range held back by oil/gas price weakness and uncertainty.
