Market Data
November 21, 2025
US and Canadian rig counts log increases
Written by Ethan Bernard
US and Canadian rig counts both improved this week, according to the latest Baker Hughes data released on Friday, Nov. 21.
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.
The US rig count stood at 554, up five from the previous week. Oil rigs were up by two to 419, gas rigs increased by two to 127, and miscellaneous rigs rose by one to eight rigs in the same comparison.
Year over year, the US rig count was off by 29 rigs from 583 at the same week a year earlier. Oil rigs were down 60, gas rigs up 28, and miscellaneous rigs notched a rise of three.
The offshore US rig count was unchanged week over week at 19, but up by six rigs from a year ago.
At the same time, the Canadian rig count increased by seven from the previous week to 195. Oil rigs rose by four to 128, gas rigs were up three to 67, and miscellaneous rigs were unchanged at zero.
For a year-over-year comparison, Canada’s count was down six from the same week in 2024. Meanwhile, oil rigs fell by five, gas rigs were flat, and miscellaneous rigs slipped by one.
The monthly international rig count has been updated through October. It decreased by 25 rigs to 1,059 from the previous month. And that’s off 72 rigs from year-earlier levels.
