For the week of November 7, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 62 (blue line and text in left hand chart below), just three less than one year ago and its lowest level for this time of year since 2020. The oil-directed rig count rose one to 127 (red line and text in right hand chart), 13 less than a year ago and its lowest level for this time of year since 2023. Drilling activity remains contained due to caution exercised by producers over capital spending programs.
Featured Articles
- Analyst Insight
Canadian Drilling – Little to Write Home About
No change in the gas rig count with only a single rig increase for oil marked another dull week for Canadian drilling.
- Analyst Insight
Canadian Drilling – Spooky Surprise for the Oil Rig Count
Western Canada's latest gas rig count fell slightly, while its oil rig count recorded a larger than seasonal drop - a most spooky surprise.
- Analyst Insight
Canadian Drilling – Signs of Life for Natural Gas, But Not So Much for Oil
Western Canada's natural gas rig count crept higher and is now above a year ago; crude rigs pulled back and are struggling.
