Canada
March 25, 2022
Active U.S. Drill Rig Count Rising, Canadian Drilling Slowing
Written by Brett Linton
The number of active oil and gas drill rigs in the U.S. increased this week, while Canadian rigs declined, according to recent data released by oilfield services company Baker Hughes. The active drill 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 670 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 207, gas rigs up 45, and and miscellaneous rigs up 1. See the first graph below for a history of active U.S. rig counts.
