Market Data
Rig Count Down in US, Up in Canada
Written by Becca Moczygemba
July 14, 2023
After seeing an increase last week, the active rig count in the US is back down. Canada’s rig count, however, saw an increase from the previous week, according to the latest data from oilfield services company Baker Hughes.
The total US rig count sat at 675 active rigs as of July 14, down five from the week prior. Active oil rigs in the US decreased by three to 537, while active gas rigs dropped by two to 133. Miscellaneous rigs remained steady at five.
The US rig count is down by 81 rigs when compared to the year prior. Oil rigs are down by 62, gas rigs are down 20, and miscellaneous rigs up by one in the same comparison.
Canada’s rig count increased by 12 to 187 for the week ended July 14 vs. the previous week. Active oil rigs are up by three to 114, and gas rigs are up by nine to 73 in the same comparison.
The Canadian rig count is down by four from a year earlier, with oil rigs down 11, and gas rigs up seven.
The international rig count is up by two to 967 rigs in June vs. May, and is up by 143 rigs compared with the same time period last year, Baker Hughes said.
The number of oil and gas rigs in operation is important to the steel industry as 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.
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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