Canadian Rig Counts – Lacking Momentum

For the week of January 30, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count rose three to 76 (blue line and text in left hand chart below), reversing the loss of the prior week, four more than a year ago, and the second lowest for this time of year in the past decade. The oil-directed rig count was unchanged at 156 (red line and text in right hand chart), 28 less than a year ago, the lowest for this time of year since 2024, and the highest since the week of March 7, 2025.