Analysis
February 27, 2015
US and Canada Rig Counts Continue to Fall
Written by Brett Linton
According to Baker Hughes data from February 27th, 2015, the U.S rig count for this week is 1,267 rigs exploring for or developing oil or natural gas. The count is down 43 rigs when compared to last week, with oil rigs down 33 to 986 rigs, gas rigs down 9 to 280 rigs, and miscellaneous rigs down 1 to 1 rig. Compared to last year the 1,267 count is a decrease of 502 rigs, with oil rigs down by 444, gas rigs down by 55, and miscellaneous rigs down by 3.
The decline in the drilling of new gas and oil wells is having a direct impact on the amount of line pipe, storage tanks and OCTG that is being used by the energy sector. A good portion of these products come from hot rolled coil or plate substrate.
