For the week of October 31, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 60 (blue line and text in left hand chart below), seven less than one year ago and its lowest level for this time of year since 2020. The oil-directed rig count fell 11 to 126 (red line and text in right hand chart), a larger than typical seasonal decline, its lowest level since mid-September, and 18 less than a year ago. Drilling activity remains contained due to caution exercised by producers over capital spending programs as crude oil prices have faced downward pressure, while Western Canadian natural gas cash prices have only recently staged a modest recovery heading into the heating season.
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- 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 – Split Personality
Canadian drilling went in opposite directions with a small decline in gas rigs but a solid increase in oil rigs for the week of October 17.
- Analyst Insight
Canadian Drilling – Next to Last Gasp Before the Holidays?
Gas rig count remained fairly static while the oil rig count pushed to their first year-on-year gain since May.
