Canada’s active rig count settled at 178 on October 6, a decrease of 13 rigs compared to last Friday. This marks the end of a long run of rig activity growth, although this isn’t necessarily out of line with October trends from prior years. Alberta’s active rig count decreased to 126 from 137 last Friday, while Saskatchewan’s rig count shrunk by 6.9%. BC’s active rig count decreased slightly, settling at 21 as of this morning.
With respect to target commodities, the number of oil rigs decreased by 13 between September 29 and October 6, settling at 104 active oil rigs. The number of gas rigs dropped by 1, settling at 65. The number of rigs classified as “Other” or “Unknown” increased since last Friday, reaching 9 rigs.
Today’s rig utilization rate is 43.5%, a moderate decrease from 44.5% at last week’s end. The total number of rigs also decreased from 429 to 409, a 4.7% drop. This suggests that, compared to last week, a smaller pool of rigs is being deployed slightly less efficiently.