Rig count update: US activity eases, recovers in Canada

The number of oil and gas rigs operating in the US fell this week, while Canadian activity recovered further, according to the latest data released from Baker Hughes.

Total US rig counts slipped by one week over week (w/w) to 543. This is just seven rigs above the near four-year low seen last August, and 37 rigs below the same week last year.

Canadian activity rebounded by 29 rigs this week to a total of 226. This seasonal recovery follows regular winter slowdowns seen at the turn of the calendar year. Canadian counts are just three rigs fewer than at the same time last year.

The monthly international rig count was updated earlier this month with December figures. The count declined by eight rigs month over month to 1,065, which was 49 fewer than the same month last year.

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.

Brett Linton

Brett Linton is a digital operations 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.