• Skip to main content

    Analysis

    March 9, 2014

    US and Canadian Rig Counts: Mixed Results Entering March

    Written by Brett Linton

    According to Baker Hughes data from March 7th, 2014, the U.S rig count for this week is 1,792 rigs exploring for or developing oil or natural gas. This count is an increase of 23 rigs when compared to last week, with oil rigs up 13 to 1,443 rigs, gas rigs up 10 to 345 rigs, and miscellaneous rigs unchanged at 4 rigs. Compared to last year the 1,792 count is an increase of 40 rigs, with oil rigs up by 102, gas rigs down by 62, and miscellaneous rigs unchanged.

    The Canadian rig count decreased by 39 to 587 rigs this week, with oil rigs down 34 to 389 rigs and gas rigs down 5 to 198 rigs. This is in line with the seasonal trend of previous years. Compared to last year the 587 count is an increase of 7 rigs, with oil rigs down by 62 and gas rigs up by 69. International rigs increased by 16 to 1,341 rigs for the month of February, an increase of 66 rigs from the same month one year ago. For a history of both the US and Canadian rig count click here.

    Brett Linton

    Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

    Read more from Brett Linton

    Latest in Analysis

    Price: Blue wave may rock tariff boat, but some ships like Section 232 aren’t sinking

    The midterms are over, and Democrats will control both chambers of Congress in January. In this space last week, Lewis Leibowitz predicted that President Trump's tariffs, including Section 232, may not last much longer. We disagree. To be sure, the new Congress will change trade policy. It will hold hearings, write bills, and almost certainly revisit the trade dispute with Canada. But the foundation of US trade policy is unlikely to be disturbed. Section 232 and Section 301 are established, court-tested authorities that both parties have used. They are also working.

    SMU Survey: Current and Future Steel Buyers’ Sentiment Indices rise

    SMU’s Current and Future Steel Buyers’ Sentiment Indices increased this week, according to our latest market survey.   Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

    US heating and cooling shipments fall for third straight month

    US shipments of heating and cooling equipment slipped in September for a third consecutive month, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Shipments declined 2.6% month on month (m/m) in September, after having fallen 10% m/m in August. The monthly pace marks the third-slowest shipment rate year to date. Historically, shipments are strongest in early summer and weakest around the turn of the year, driven by seasonal air conditioner and heat pump volumes. AHRI's data shows September shipments totaled 1,687,240 units, down 2.6% m/m but up 7.7% year over year (y/y) (Figure 1, left). From August to September, shipments of warm air furnaces, A/C, and heat pumps declined, while water heater shipments rose. Compared with a year earlier, only air conditioners and heat pump shipments were higher.