Features

Rig counts fall in US and Canada

Written by Brett Linton

April 4, 2025

The number of active oil and gas drill rigs declined this week in both the US and Canada, according to the latest data from Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

US rig counts slipped by two to 590 rigs this week. Drilling activity has remained at reduced levels since last June, recently falling to a three-year low of 576 rigs in January.

Canadian activity fell by 10 to 153 rigs this week, continuing the seasonal downturn. Drilling typically surges in January and February, then declines through April as thawing ground and melting snow limit access to drilling sites.

The international rig count is reported monthly at the start of each month. The March count was released this week at 899 rigs, six fewer than February and 72 less than one year prior.

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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