US and Canadian rig counts tick higher

The latest Baker Hughes rig count report showed oil and gas drilling improved in both the US and Canada in the first week of November.

The rig count is significant for the steel industry, as it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.

In the US, natural gas drilling increased while oil drilling was unchanged. Last week’s total US rig count of 548 was just 12 rigs higher than the slowest week of the year so far at the end of August.

Year-to-date, the US count has averaged 564 rigs per week.

In Canada, there were two more gas rigs operating last week. Oil drilling also improved, with a net gain of two rigs.

Last week’s count of 191 active rigs in Canada was a bit above the 2025 year-to-date weekly average of 171 rigs.

The monthly international rig count was updated this week through October. It fell by 25 rigs to 1,059. And that’s 72 fewer figs than year-ago levels.

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.