Features

Rig counts decline again in US and Canada
Written by Brett Linton
April 11, 2025
Oil and gas drilling activity eased for the third consecutive week in both the US and Canada this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.
US drilling activity slipped by seven to 583 rigs this week, the lowest weekly rate seen since January. Drilling activity has remained at reduced levels for the past 10 months, recently slipping to a three-year low of 576 rigs in January.
Canadian drilling continues to decline seasonally following its winter peak. Total oil and gas rig counts fell by 15 this week to 138. Canadian activity typically surges in January and February, then declines through April as thawing ground conditions limit access to roads and drilling sites.

The international rig count is reported monthly at the start of each month. The March count was 899 rigs, down six from February and 72 fewer 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
Read more from Brett LintonLatest in Features

SMU scrap market survey results now available
SMU’s August ferrous scrap market survey results are now available on our website to all premium members.

From journalist to metals analyst, Timna Tanners shines a light on steel
A recent conversation with Tanners shows that many of us in this industry often end up here by accident but end up staying.

Final Thoughts: Happy birthday SMU
Steel Market Update is proud to celebrate its 17th birthday this month.

AISI: Raw steel production ticks higher
Domestic mill output remains historically strong, holding near multi-year highs since early June.

Final Thoughts
We’re in the dog days of summer, and the question is whether the market will improve as lead times stretch into September. Your answer to that question might depend on where you are in the supply chain. And producers, it seems to me, are a lot more optimistic than consumers at the moment.