Steel Products
Rig Counts Climb in US, Down in Canada for Second Week
Written by Becca Moczygemba
April 28, 2023
For the second consecutive week, rig counts were up in the US and down in Canada, according to the latest data from oilfield services company Baker Hughes.
The total US rig count was 755 for the week ended April 28, up two rigs from last week. The number of active oil rigs in the US remaind flat at 591. The number of gas rigs was up by two, ending the week at 161. Compared to this time last year, the US count is up by 57 rigs, with oil rigs up 39, gas rigs up 17, and miscellaneous rigs up one, respectively.
The total number of active Canadian rigs has decreased every week for the past eight weeks. This week ended with 93 active rigs, down by 12 from the previous week. Active oil rigs in Canada dropped to 36 from 42, while gas rigs decreased from 63 to 57. The Canadian count is down by two rigs compared to last year.
The international rig count increased by 15 to 930 rigs for the month of March vs. February, and is up by 115 rigs over 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
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Rig count increases in the US and in Canada
Oil and gas drilling activity increased this week in the US and Canada for the third consecutive week, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.