Active Drill Rig Counts in May: US Rising, Canada Flat

The number of total active drilling rigs in the US rose again this week, while Canadian rigs remained flat, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand.

The number of active US rigs rose by 14 to 728 rigs, with oil rigs up 13, gas rigs up 1, and miscellaneous rigs unchanged. Compared to this time last year, this week’s count is up 273 rigs, with oil rigs up 220, gas rigs up 51, and and miscellaneous rigs up 2. See the first graph below for a history of active US 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.

Brett Linton

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