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

The number of active oil and gas drill rigs declined slightly this past week for both the United States and Canada, 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 declined by 1 to 438 rigs, with oil rigs down 1, gas rigs unchanged, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is down 27 rigs, with oil rigs down 35, gas rigs up 9, and miscellaneous rigs down 1. See the first graph below for a history of active U.S. rig counts.