Baker Hughes reported that for the week ending January 31, the US rig count increased by eight to 1,785, following a sideways trend the previous week. Additionally, the rig count is now up by 21 from 1,764 rigs during the same week a year ago. The oil rig count increased by six to 1,422, whereas the gas rig count increased by two to 358.
Meanwhile, the Canadian rig count increased by 18 in the week ending January 31 to reach 608, following a 25-rig increase the week before. However, the Canadian rig count is still down 17 from 625 rigs during the same week a year ago.