Canada
November 14, 2025
US rig count ticks higher, Canada falls
Written by David Schollaert
The latest Baker Hughes rig count report showed oil and gas drilling improved in the US this past week, while Canada saw its rig count decline.
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 oil drilling increased while natural gas drilling edged down. Last week’s total US rig count of 549 was just one rig 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 was down, however, with a net loss of five rigs.
Last week’s count of 188 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.
