Canada’s active rig count declined slightly this week, settling at 173 compared to 180 on July 7. This 3.9% decline is the first we’ve seen in weeks and, given trends from previous years, will likely be followed by activity increases in the near future. The week’s peak was 189 on July 10, continuing a pattern of activity lulls as the weekend draws nearer. Activity was down across Alberta, BC, and Saskatchewan, with Saskatchewan’s decline of 4 rigs standing out as the most significant.
With respect to target commodities, oil rigs were responsible for most of this week’s decline. There were 102 active oil rigs this morning compared to 108 on July 7, while there were actually 2 additional gas rigs compared to last week. The number of rigs classified as “unknown” or “other” dropped to 9 from 12 on July 7.
Today’s rig utilization rate is 42.6%, a very slight decline from 42.7% on July 7. The total number of rigs declined from 421 on July 7 to 406 today, suggesting a decrease in available rigs as well as rig activity.
For a closer look at this data, visit our rig count tool with data provided by the CAOEC.