Steel Products
US and Canadian Rig Counts Down for Second Week
Written by Becca Moczygemba
April 6, 2023
Rig counts dropped this week in the US and Canada, according to the latest data from oilfield services company Baker Hughes.
The total US rig count was 751 for the week ended April 6, down four rigs from the week prior. The number of active oil rigs in the US dropped by two from the prior week’s 592. The number of gas rigs also fell by two to 158. Compared to this time last year, the US count is up by 62 rigs, with oil rigs up 44, gas rigs up 17, and miscellaneous rigs up one, respectively.
The total number of active Canadian rigs fell to 127 this week, down by 12 from the previous week. Oil rigs in Canada dropped to 52 from 58, while gas decreased from 81 to 75. The Canadian count is up by 16 rigs compared to last year, with oil rigs accounting for most of those gains.
The international rig count increased by 15 to 930 rigs for the month of March vs. February and is up by 115 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.
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to sidetrack 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.
Steel Market Update regularly 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.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products
Final Thoughts
For those who don’t know, we have a monthly scrap survey. It’s very similar to our industry-leading flat-rolled steel survey. We cover market trends, pricing, and sentiment – which helps us keep our finger on the pulse of the scrap market. One thing we’ve learned lately from our surveys here at SMU: The lack of […]
SMU Steel Summit 2025: Reaching new heights!
The 2025 SMU Steel Summit is shaping up to be another record-smashing event, and the buzz around the gathering is growing. It runs Monday, Aug. 25 – Wednesday, Aug. 27, at the Georgia International Convention Center (GICC) in Atlanta.
Steel exports rose in March, but remain weak vs past years
The volume of steel exported from the US marginally increased from February to March, according to the latest US Department of Commerce figures. Although up month over month (m/m), export levels have generally trended downward over the past year.
US, offshore CRC prices continue to fall
US cold-rolled (CR) coil prices moved lower again this week, slipping five weeks in a row now. Most offshore markets mirrored the move, ticking down as well.
SMU scrap market survey results now available
SMU’s ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “ferrous scrap survey” results. Past flat-rolled survey results are also available under that selection. If you need help accessing the survey results, […]