US rig count slips as Canadian count ticks up

The US rig count edged down this week while the Canadian count inched up, according to the latest Baker Hughes data released on Friday, Dec. 12.

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 548 this week, down one from the previous week. Oil rigs increased by one to 414, gas rigs fell by two to 127, while miscellaneous rigs were unchanged at seven rigs.

Compared with a year earlier, the US rig count decreased by 41 rigs from 589 in the same week in 2024. Oil rigs were down 68, gas rigs were up 24, and miscellaneous rigs were up by three.

The offshore US rig count fell by two from last year to 17.

At the same time, the Canadian rig count rose by one from the previous week to 192. Oil rigs were down by three to 123, gas rigs increased by four to 69, and miscellaneous rigs were unchanged at zero.

Canada’s count was also up one rig from the same week in 2024. Meanwhile, oil rigs were up by three, gas rigs were down two, and miscellaneous rigs were unchanged.

The monthly international rig count has been updated through November. It increased by 14 rigs from the previous month to 1,073. That’s a decrease of 45 rigs from November 2024.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.