Uptick in Active U.S. and Canadian Rig Counts

The Canadian rig count rose by 24 to 117 rigs, with oil rigs up 15, gas rigs up 9, and miscellaneous rigs unchanged. Compared to last year, this week’s count is up 100 rigs, with oil rigs up 69, gas rigs up 31, and miscellaneous rigs unchanged. See the second graph below for a history of active Canadian rig counts.

International rigs increased by 55 to 750 rigs for the month of May, a decrease of 55 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.

For more in-depth information on the energy market, Steel Market Update publishes a report each month covering oil and natural gas prices, detailed rig count data, and oil stock levels for our Premium members. The most recent report was published on May 12 and is available to Premium members 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.

By Brett Linton, Brett@SteelMarketUpdate.com