Rig Counts Up in U.S., Down in Canada Last Week

U.S active rotary drill rig counts increased again last week, while Canadian rig counts declined, according to data released by oilfield services company Baker Hughes. The rig 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 rose by 8 to 392, with oil rigs up 4, gas rigs up 4, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 398 rigs, with oil rigs down 377, gas rigs down 19, and miscellaneous rigs down 2. See the first graph below for a history of active U.S. rig counts.