The number of active U.S and Canadian gas and oil rigs increased 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 increased by 3 to 269, with oil rigs up 4, gas rigs down 1, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 587 rigs, with oil rigs down 519, gas rigs down 70, and miscellaneous rigs up 2. See the first graph below for a history of active U.S. rig counts.
The Canadian rig count increased by 5 last week to 80 rigs, with oil rigs up 2, gas rigs up 3, and miscellaneous rigs all unchanged. Compared to last year, this week’s count is down 66 rigs, with oil rigs down 63, gas rigs down 3, and miscellaneous rigs unchanged. See the second graph below for a history of active Canadian rig counts.
International rigs decreased by 45 to 702 rigs for the month of September, a decrease of 429 rigs from the same month one year ago. For a history of both the U.S. and Canadian rig count, visit the Rig Count page on the Steel Market Update website 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 sidetrack 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 LintonRead more from Brett Linton
Latest in Environment and Energy
Canada, EU form green alliance
Canada and the EU have established a Green Alliance, pledging to align their domestic and international climate policies in the pursuit of climate neutrality.
Trane ships more than 1 million HVAC units made with green steel
A year after signing purchase agreements with two US steelmakers, Trane Technologies has shipped more than 1 million HVAC units produced with low-carbon steel.
SSAB’s Jeff Moskaluk on Wind’s Flurry of Opportunity for Steel
SMU discussed wind energy, a promising end-use market for steel, with SSAB Americas’ SVP and CCO Jeff Moskaluk.
SSAB Americas to Supply Low-Carbon Steel for Wind Towers
SSAB Americas will supply its low-carbon SSAB Zero steel to GE Vernova Onshore Wind for wind towers in North America.
Sparrows Point Site Gets $47.4M in Funding for Offshore Wind Project
The historically significant Sparrows Points steel mill site in Baltimore is set to live another life as a wind turbine factory under the name “Sparrows Point Steel.”