OCTG
Active rig count update through mid-May
Written by Brett Linton
May 17, 2024
Oil and gas drilling activity ticked up in the US but declined in Canada during the week ended May 17, according to the latest release from Baker Hughes. While up over last week, the number of active rigs in the US remains near a two-year low.
US rigs
The number of active drilling rigs in the US rose by one week over week to 604 this week. Oil rigs rose by one to 497, gas rigs held steady at 103, and miscellaneous rigs were unchanged at four.
This week there are 116 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 78, gas rigs are down by 38, and miscellaneous rigs are unchanged.
Canada rigs
The number of rigs operating in Canada fell by two to 114 this week. Oil rigs declined by three to 57, while gas rigs rose by one to 57.
Active drilling levels in Canada are up by 29 rigs compared to this time last year, with oil rigs up by 18 and gas rigs up by 11.
International rig count
The international rig count is updated monthly. The total number of active rigs in the month of April rose to a five-month high of 978, up by seven from March and up by 31 from levels 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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