Features
US and Canadian rig counts slip: Baker Hughes
Written by Brett Linton
November 15, 2024
The number of active oil and gas rigs ticked lower in both the US and Canada last week, according to the latest data released from Baker Hughes.
US rig counts have been in this territory since June and are only slightly above multi-year lows. Canadian counts have declined over the last month but remain historically strong.
US rigs
Through November 15, there were 584 drilling rigs operating in the US, one fewer than the week prior. This count was comprised of 478 oil rigs, 101 gas rigs, and five miscellaneous rigs. There were 34 fewer active US rigs last week compared to the same week one year prior.
Canadian rigs
There were 200 active Canadian drilling rigs last week, seven less than the prior week. Oil rig counts totaled 137, gas rigs were 63, and miscellaneous rigs remained at zero. There are currently four more Canadian rigs in operation than there were this time last year.
International rig count
The international rig count is a monthly figure updated at the beginning of each month. The total number of active rigs for the month of October rose to 950, up three from September but 12 fewer than levels seen one year ago.
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
Read more from Brett LintonLatest in Features
Final Thoughts
If I could change something, it’d be this: Political news would get more boring. And news about steel prices and steel demand would get a little more exciting.
US and Canada expect positive outcomes from tariff negotiations
Canadian Prime Minister Mark Carney and US President Donald Trump told reporters at the White House on Tuesday that they’ll be formulating a trade deal that works for both nations.
Final Thoughts: Survey says edition
SMU’s latest survey results indicate that steel market participants think sheet prices are at or near a bottom. But most also think there is limited upside once they inflect higher.
SMU Scrap Survey: Current and Future Sentiment tick down
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.
Leibowitz: When the shutdown should end
There is no doubt that the current government shutdown reflects the vast divisions between the extremes of American politics, society, and even geography. Almost all Americans agree that government is necessary, but voters disagree...