Environment and Energy
Rig Counts: US Down for Seventh Week, Canada Up Again
Written by Becca Moczygemba
June 16, 2023
Rig counts are down for the seventh consecutive week in the US but up in Canada for the week ended June 16, according to the latest data from oilfield services company Baker Hughes.
The total US rig count stands at 687 active rigs as of June 16, down eight from the previous week. The number of active oil rigs in the US decreased by 4 to 552 compared to a week earlier. Active gas rigs also dropped by 5 to 130 in the same comparison, while miscellaneous rigs increased by one to five. When compared to this time last year, the US count is down by 53 rigs, with oil rigs down 32, gas rigs down 24, and miscellaneous rigs up three, respectively.
The number of active Canadian rigs is up by 23 to 159 rigs as of June 16 compared to the previous week. Active oil rigs in Canada were up to 18 to 103 week over week, and gas rigs increased by five to 56. Canada’s rig count is up three rigs from last year’s count of 156, with oil rigs down one, and gas rigs up four, respectively.
The international rig count increased by 18 to 965 rigs in May vs. April, and is up by 148 rigs compared with 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 Environment and Energy
SunCoke Q1 earnings jump on cokemaking, logistics ops
SunCoke's earnings soared in the first quarter, with the company citing strong performances in its cokemaking and logistics segments.
GSCC: Steel decarbonizing for a more sustainable future
Steel is a foundation of the global economy. It is an essential raw material for nearly every industry, from automotive and construction to transportation, machinery, and energy.
DOE transformer rule to benefit Cliffs’ electrical steel
The US Department of Energy has finalized Congressionally mandated energy-efficiency standards for transformers.
SMA: US steelmakers deserve credit for leading decarbonization charge
When it comes to finding ways to reduce emissions in steel manufacturing, we are in the all-of-the-above camp.
AISI explains new PM2.5 air-quality regulation’s impact on steel
The US already had strict regulations on air-quality standards for particulate matter, but they are going to get even tighter.