OCTG
Oil and gas rig counts rise in US and Canada
Written by Brett Linton
September 19, 2025
Drilling activity increased in both the US and Canada for the second week in a row, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Total US rig counts increased by three week over week (w/w) to 542. Although up, this count is only six rigs greater than the near-four-year low seen in late August. There are 46 fewer US rigs in operation this week compared to the same week of 2024.
Canadian activity increased for the third consecutive week, rising by three rigs w/w to 189. This is now the highest count recorded since March. Despite recent increases, Canadian activity is down by 22 rigs compared to the same time last year.
The monthly international rig count declined by three rigs in August to 1,076, 66 fewer than levels seen 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
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In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.
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