OCTG

US and Canadian rig counts stabilize

Written by Brett Linton

October 3, 2025

Drilling activity was steady this week in both the US and Canada following three straight weekly increases, according to the latest Baker Hughes rig count data.

The US rig count continue to hover just above historic lows. The Canadian rig count remains comparatively healthy.

The total US rig count was unchanged week over week (w/w) at 549. This count is just 13 rigs higher than the nearly four-year low reached in late August. It is also 36 rigs below the same week last year.

The Canadian rig count stood at 190. That’s the highest weekly reading since March. But despite recent increases, Canadian activity is down 33 rigs compared to this time last year.

The monthly international rig count was updated this week through September. It increased by eight rigs to 1,084. But that’s still 72 fewer figs than year-ago levels.

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

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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