Canadian Oil and Gas Rigs Take a Hit Ahead of Long Weekend

The Canadian gas-directed rig count decreased by one to 62 rigs for the week ended September 4, according to Baker Hughes data. In contrast, the oil-directed rig count fell by four to 139 rigs during the same period. The current gas rig count is seven higher than at this time last year and near the prior five-year average.

The Alberta region dropped two gas rigs, while Saskatchewan gained one gas rig. However, the Alberta Foothills Front region experienced a significant gain of four oil rigs, offset by losses in other areas within Alberta and Southeast Saskatchewan.