Steel Markets
US and Canadian Rig Counts: Mixed Start in February
Written by Brett Linton
February 7, 2014
According to Baker Hughes data from February 7th, 2014, the U.S rig count for this week is 1,771 rigs exploring for or developing oil or natural gas. This count is a decrease of 14 rigs when compared to last week, with oil rigs down 6 to 1,416 rigs, gas rigs down 7 to 351 rigs, and miscellaneous rigs down 1 to 4 rigs. Compared to last year the 1,771 count is an increase of 12 rigs, with oil rigs up by 86, gas rigs down by 74, and miscellaneous rigs unchanged.
The Canadian rig count increased by 13 to 621 rigs this week, with oil rigs up 5 to 409 rigs and gas rigs up 8 to 212 rigs. Compared to last year the 621 count is a decrease of 10 rigs, with oil rigs down by 71 and gas rigs up by 61. International rigs decreased by 10 to 1,325 rigs for the month of January, an increase of 46 rigs from the same month one year ago. For a history of both the US and Canadian rig count click here.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetracking an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett Linton
Read more from Brett LintonLatest in Steel Markets
Trading firms Mercuria and Tata International partner in joint venture
Geneva-based global commodities trader Mercuria is set to acquire a majority stake in Tata International, according to a report in India's Economic Times.
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.
Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...
Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.