Gas & Oil Rig Counts Increase in U.S., Down in Canada

The number of active U.S. rotary drill rigs increased this past week, while the Canadian rig count 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 9 to 411 rigs, with oil rigs up 9, gas rigs unchanged, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 361 rigs, with oil rigs down 346, gas rigs down 14, and miscellaneous rigs down 1. See the first graph below for a history of active U.S. rig counts.