Market Data
November 1, 2019
Continued Decline in Active Gas & Oil Rig Counts
Written by Brett Linton
The U.S and Canada active rig count declined again this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand.
The number of active U.S. rigs fell by 8 to 822, with oil rigs down 5, gas rigs down 3, and miscellaneous rigs unchanged. Compared to this time last year, the 822 count is down 245 rigs, with oil rigs down 183, gas rigs down 63, and miscellaneous rigs up 1. See the first graph below for a history of active U.S. rig counts.
