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

The number of active U.S. rotary drill rigs continued to increase 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 2 to 432 rigs, with oil rigs unchanged, gas rigs up 2, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 170 rigs, with oil rigs down 167, gas rigs down 3, and miscellaneous rigs unchanged. See the first graph below for a history of active U.S. rig counts.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.