Active Drill Rig Counts Recovering in U.S. and Canada

The number of active oil and gas drill rigs slipped in the U.S. yet increased in Canada this past week, 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 3 to 488 rigs, with oil rigs down 2, gas rigs down 1, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is up 237 rigs, with oil rigs up 205, gas rigs up 34, and miscellaneous rigs down 2. 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.