OCTG
Active US rig count rises to 5-month high, Canada level
Written by Brett Linton
March 1, 2024
The number of active rigs in the US inched up to the highest level seen since September in the week ending March 1, according to the latest data from Baker Hughes. Canadian figures held steady week on week (w/w), just three rigs shy of the recent high seen in mid-February.
US rigs
The number of active rotary rigs in the US increased by three w/w to 629. Oil rigs rose by three to 506, gas rigs declined by one to 119, and miscellaneous rigs increased by one to four.
This week there are 120 fewer active US rigs compared to the same week last year. In this time, oil rig counts have fallen by 86, gas rigs are down by 35, and miscellaneous rigs are up by one.
Canada rigs
The number of operating oil and gas rigs in Canada remained unchanged at 231 this week. Oil rigs rose by three to 144, while gas rigs declined by three to 87.
Drilling in Canada is also lower year over year. There are 15 fewer rigs running now than this time last year ago, with oil rigs down 14, and gas rigs down one.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of February was 958, down seven from January, but up 43 from February 2023.
The Baker Hughes rig count 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 rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. For a history of the US and Canadian rig counts, visit the rig count page on our website.
Brett Linton
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