Market Data
US, Canadian Rig Counts Down
Written by Becca Moczygemba
March 10, 2023
Rig counts dropped in Canada and the US this week, according to data from oilfield services company Baker Hughes.
The total US rig count was 746 for the week ended March 10, down three rigs from the week prior. The number of active oil rigs in the US fell to 590, down two from the prior week. The number of gas rigs dropped one to 153. Compared to this time last year, the US count is up 83 rigs, with oil rigs up 63, gas rigs up 18, and miscellaneous rigs up two, respectively.
The number of active Canadian rigs decreased to 223 last week, down 23 rigs from the prior week. Oil rigs in Canada dropped to 139 from 158. Gas rigs are at 84, down by four in the same comparison. The Canadian count is up 17 rigs compared to last year, with oil rigs accounting for most of those gains.
The international rig count increased by 14 to 915 rigs for the month of February and is up 28 rigs from the same month last year.
The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end-market for steel sheet.
Steel Market Update also publishes an in-depth “Energy Update” report covering oil and natural gas prices, detailed rig count data, and oil stock levels. That is available here for Premium members.
For a history of both the US and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to side track an existing one. Wells are drilled to explore for, develop, and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
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