Canada
November 21, 2021
Steady Improvement in U.S. and Canadian Drill Rigs
Written by Brett Linton
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rig counts declined by 1, according to data released Friday 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 (OCTG) demand.
The number of active U.S. rigs rose by 7 to 563 rigs, with oil rigs up 7, gas rigs unchanged, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is up 253 rigs, with oil rigs up 230, gas rigs up 26, and miscellaneous rigs down 3. See the first graph below for a history of active U.S. rig counts.
