Active Gas & Oil Rig Counts Increase in U.S. and Canada

The number of active U.S and Canadian gas and oil rigs increased 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 increased by 6 to 261, with oil rigs up 4, gas rigs up 2, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 599 rigs, with oil rigs down 530, gas rigs down 71, and miscellaneous rigs up 2. See the first graph below for a history of active U.S. rig counts.