Active rotary rigs in the US and Canada are up for the second consecutive week, according to Baker Hughes.
US rig count
For the week ended Dec. 8, US rigs moved up by one to 626 vs. the previous week. Oil rigs dropped by two to 503, but gas rigs inched up by three to 119. Miscellaneous rigs were unchanged at four.
Compared to the same period one year ago, the US count is down by 154. There are 122 fewer oil rigs, 34 fewer gas rigs, but two more miscellaneous rigs.
Canadian rig count
Canada’s rig count for the same week inched up by two to 194 active rigs. Oil rigs dropped by two to 120 but gas rigs moved up by four to 74.
Year over year there are 11 fewer oil rigs but three more gas rigs. Overall, there are eight less rigs than there were at the same time in 2022.
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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