Features
Rig counts continue to decline in US and Canada
Written by Brett Linton
May 9, 2025
Oil and gas drilling activity declined again this week in the US and Canada, according to Baker Hughes.
US drilling activity eased by six rigs to 578 this week, just two rigs above the three-year low witnessed in January. Compared to the same week last year, the current US count is down by 25.
Canadian drilling activity continued its seasonal decline this week following its winter peak. Total oil and gas rig counts fell by six to 114, two rigs fewer than this time last year. Canadian activity typically surges early in the year, then declines through April as thawing ground conditions limit access to drilling sites.
The international rig count is reported monthly at the beginning of each month. The April count was 891 rigs, down eight from March and 87 fewer than one year ago.
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
Final Thoughts
President Trump’s tariff policies have a lot more in common with a roundabout than you’d think.
Timna Tanners joins Wells Fargo as managing director, equity research
Mining metals analyst Timna Tanners has joined Wells Fargo as managing director of equity research, according to a post on her LinkedIn profile.
SMU’s Week in Review: July 4-11
A roundup of steel industry news that happened this week, as reported by Steel Market Update.
Price: Reciprocal tariff changes and potential new tariffs for Brazil, Canada, others
Trade issues do not seem poised to leave the headlines anytime soon. And as recent developments show, the administration’s tariff policy remains ever-changing.
SMU Scrap Survey: Sentiment Indices rise
Both current and future scrap sentiment jumped this month, though survey participants reported responses before key trade news was announced.