U.S. oil and gas rigs climb to 581 as Canada rig count drops to 179

U.S. oil and gas drilling activity rose for a fourth consecutive week, with the Baker Hughes weekly rig count reaching 581 rigs—the highest level since May 2025 and 44 rigs above the same week a year earlier. Oil rigs held steady at 445 while gas rigs were unchanged at 126; miscellaneous rigs increased by one.

In Canada, the rig count fell for a second week, slipping by 11 rigs to 179, down from a 15‑month high of 197 in late June. The decline reflects fewer oil rigs (down 12) and a slight drop in gas rigs.

The reports underscore the rig count’s role as a leading indicator for future oil and gas output and for related markets such as steel sheet used in oil‑country tubular goods. Analysts note that higher U.S. rig activity comes as spot WTI prices are expected to rise in 2026 after previous declines.