OCTG
Rig counts decline again in US and Canada
Written by Brett Linton
April 5, 2024
Drill rig activity declined in both the US and Canada this week, according to the latest data from Baker Hughes. The number of active rigs in the US slipped to a nine-week low, while Canadian activity continued it’s seasonal wind down.
US rigs
The number of active drilling rigs in the US decreased by one w/w to 620. Oil rigs increased by two to 508, gas rigs decreased by two to 110, and miscellaneous rigs declined by one to two.
This week there are 131 fewer active US rigs compared to the same week last year. In this time, oil rig counts have fallen by 82, gas rigs are down by 48, and miscellaneous rigs are down by one.
Canada rigs
The number of operating oil and gas rigs in Canada declined by 15 to 136 this week. Canadian drilling experiences these seasonal declines every spring, as warmer weather sets in and thawing ground conditions limit access to roads and sites. Oil rigs fell by 10 to 65 this week, while gas rigs declined by five to 71.
Active drilling levels in Canada are up by nine compared to this time last year. The number of active oil rigs is up by 13, and gas rigs are down by four.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of March rose to a four-month high of 971, up 13 from the month prior and up 41 from March 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 this page on our website.
Brett Linton
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