OCTG
Active rig counts fall further in US, rise in Canada
Written by Brett Linton
June 28, 2024
US drill rig activity eased for the fourth consecutive week last week, while Canadian counts increased for the seventh week in a row, according to the latest data release from Baker Hughes.
US rigs
In the week ended June 28, the number of active drilling rigs in the US fell by seven week over week to 581. Oil rigs declined by six to 479, gas rigs fell by one to 97, and miscellaneous rigs were unchanged at five. The last time US rig counts were this low was December 2021.
There were 93 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 66, gas rigs are down by 27, and miscellaneous rigs are unchanged.
Canada rigs
The number of rigs operating in Canada increased by 10 last week to 176. Oil rigs rose by seven to 116, gas rigs increased by two to 59, and miscellaneous rigs increased to one. This is the highest Canadian count recorded since mid-March.
This week there are nine more active drilling rigs in Canada compared to levels one year ago. Oil rigs are up by seven, gas rigs are up by one, and miscellaneous rigs are up by one.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of May eased to 953, down 25 from April and down by 12 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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