Features

US rig count holds steady, Canada faces seasonal decline

Written by Brett Linton

March 14, 2025

The latest count of active US oil and gas rigs remained unchanged from last week, while Canadian counts declined, according to Baker Hughes.

US rig counts continue to hover slightly above multi-year lows, while Canadian activity is entering a seasonal decline after recently reaching a seven-year high.

The latest US rig count stands at 592, unchanged from the prior week, and marginally higher than the three-year low count of 576 witnessed in late January. US drilling activity has remained at reduced levels since June 2024.

Canadian counts fell by 35 rigs this week to 199 rigs. Recall that just over a month ago, Canadian drilling activity peaked at a the highest weekly count recorded since March 2018. Historically, Canadian activity tends to spike in January and February, then decline through April as thawing ground conditions and melting snow complicate access to drilling sites.

The international rig count is a monthly measure that is updated at the beginning of each month. The February count was 905 rigs, in line with January levels and 53 fewer than the same month last year.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.

For a history of the US and Canadian rig counts, visit the rig count page on our website.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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