Rig Count Inches Up in US, Rebounds in Canada

The US rig count increased by three from the previous week to 622 rigs. Active gas rigs declined by one to 117, while active oil rigs rose by four to 501. Miscellaneous rigs were flat at four.

The US rig count has been trending downward since hitting a recent peak of 784 rigs in the first week of December 2022. The number of rigs active at present is comparable to early 2022.

Compared to this time last year, there are 147 fewer total rigs in operation: 109 fewer oil rigs, 40 fewer gas rigs, and two additional miscellaneous rigs.

Canadian Rig Count

Canada’s rig count rebounded from the week prior, rising by 13 to sit at 193 total rigs. Eight net oil rigs, four net gas rigs, and one miscellaneous rig were brought back into operation vs. the previous week.

The number of active rigs in Canada is now the same as it was during the week of July 28. To see a higher count, we have to go back to the week of March 17.

Canada’s count is 23 below this time last year when 216 rigs were in operation. Oil rigs are down by 34, while gas rigs are up by 10, and miscellaneous rigs are up by one.

International Rig Count

The international rig count is updated monthly and is therefore unchanged from last week’s report, which showed 940 active rigs during the month of September.

The Baker Hughes rig count 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 rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. Wells are drilled to explore for, develop, and produce oil or natural gas. Baker Hughes’ rotary rig count includes only those rigs that are significant consumers of oilfield services and supplies.

For a history of the US and Canadian rig counts, visit the rig count page on our website.