For the week ending March 1, Baker Hughes reported a net decline of three for the Canadian gas directed rig count to 87 (blue line in left hand chart below) and one lower than a year ago. For the oil directed rig count, it rose three rigs to 144 (red line in right hand chart), 14 lower than one year ago, and remains in a tight six-week range between 141 to 144 rigs. The latest gas rig count is at the top of the five-year range, while the oil rig count remains within the five-year range.
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- Analyst Insight
Canadian Drilling Rig Counts – Gas Rigs Steady, Oil Rigs Slip Lower
Canadian gas rig count held steady at 90 in the latest week, while oil slipped three to 141.
- Analyst Insight
Canadian Drilling Rig Counts – Gas Rigs Looking to Roll Over, Oil Rigs Remain in a Tight Range
The Canadian gas rig count slipped three last week and may now be on the verge of lower counts as spring break up approaches. Oil rigs held relatively steady, but may also be set to move lower.
- Analyst Insight
Canadian Drilling – Rig Counts Turn Lower as Spring Breakup Gets Underway
Spring break up is clearly getting underway with the latest weekly Canadian oil and gas rig counts moving lower.
