Continued Recovery in Active U.S. and Canadian Drilling Rigs

Reflecting higher energy prices, the number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, 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 3 to 604 rigs, with oil rigs down 1, gas rigs up 4, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is up 226 rigs, with oil rigs up 202, gas rigs up 25, and miscellaneous rigs down 1. 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.