Steel Products

US rig count up, Canada declines

Written by David Schollaert

April 25, 2025

Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.

US drilling activity edged up by two to 587 rigs this week, after reaching its lowest weekly rate seen since January just two weeks ago. 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 six this week to 128. 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.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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