Features

Drilling activity down further in US, climbs in Canada

July 3, 2025

The rig count declined for the 10th consecutive week in the US, while the Canadian count rose for the fifth straight week, according to Baker Hughes.

The US rig count fell by eight this week to 539, the lowest rate since October 2021. Compared to the same week last year, 46 fewer rigs are in operation today.

Canadian activity improved by 11 rigs this week, now up to a 13-week high of 151 rigs. The Canadian count is down by 24 from this time last year. Activity typically slows down each spring as thawing ground conditions limit access to drilling sites, then picks back up in June and July.

The international rig count is reported monthly at the beginning of each month. The June count was 913 rigs, up 27 from May but 44 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 good (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.