The active rotary rig count for the week ended Dec. 1 inched up in the US but slid in Canada, according to Baker Hughes.
US rig count
Active rigs in the US increased by three this week to 625 vs. the prior week. Oil rigs increased by five to 505. Gas rigs fell by one to 116, and miscellaneous rigs dropped by one to four.
Compared to the same period last year, the US count is down by 159, with 122 fewer oil rigs, 39 fewer gas rigs, but two additional miscellaneous rigs.
Canadian rig count
The Canadian weekly rig count dropped by five to 192 active rigs. Oil rigs declined by two to 122 and gas rigs fell by three to 70.
There are three fewer active rigs in Canada than there were during the same week in 2022. Oil rigs are down by six, and gas rigs are up by three.
International rig count
The international rig count is updated monthly. The total number of active rigs during the month of November was 978, up 16 from the previous month, and increasing by 68 from November 2022.
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.
Becca MoczygembaRead more from Becca Moczygemba
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