OCTG
Active rig counts slip in US and Canada
Written by Brett Linton
April 26, 2024
Drilling activity declined in both the US and Canada during the week ended April 26, according to the latest data from Baker Hughes. The number of active rigs in the US is now at the lowest level seen in over two years, while active Canadian rigs have declined to a four-month low.
US rig count
The active US drill rig count declined by six this week to 613. Oil rigs decreased by five to 506, gas rigs decreased by one to 105, and miscellaneous rigs held steady at two. There are 142 fewer active US rigs compared to this time last year: oil rigs are down by 85, gas rigs are down by 56, and miscellaneous rigs are down by one.
Canada rig count
The number of operating oil and gas rigs in Canada declined by nine to 118 this week. Oil rigs fell by four to 56 this week, while gas rigs declined by five to 62. Drilling activity is up by 25 compared to this time last year, with the number of active oil rigs up by 20 and gas rigs up by five.
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 February and up 41 from one year prior.
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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