Features
Active rig counts stabilize in US, slip in Canada
Written by Brett Linton
November 1, 2024
The number of active oil and gas drill rigs operating in the US last week held stable for the third consecutive week. At the same time, Canada’s counts declined slightly, according to the latest information from Baker Hughes.
US rig activity has been historically weak since June, hovering just above multi-year lows for four months. Canadian counts have ticked lower in recent weeks but remain strong.
US rig counts
Through Nov. 1, there were 585 drilling rigs operating in the US, unchanged from the prior week. The number of oil rigs fell by one week over week (w/w) to 479, gas rigs rose by one to 102, and miscellaneous rigs were unchanged at four.
There were 33 fewer active US rigs during the week compared to one year prior, with 17 fewer oil rigs and 16 fewer gas rigs.
Canadian rig counts
There were 213 active Canadian drilling rigs last week, three fewer than the previous week. Active oil rigs fell by four w/w to 146, and gas rigs rose by one to 67.
There are currently 17 more Canadian rigs in operation than a year ago, with 24 more oil rigs and seven fewer gas rigs.
International rig count
The international rig count is a monthly figure updated at the beginning of each month. The total number of active rigs in the month of October rose to 950, up three from September but down 12 from October last year.
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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