Active rig counts rise in US and Canada

The latest tally of operational oil and gas rigs increased this week in both the US and Canada, according to the latest figures published by Baker Hughes.

Total US rig counts rose by one this week to 544. While up, activity is just eight rigs above the near four-year low count recorded last August. This time last year there were 32 more rigs in operation.

Canadian activity increased by five rigs this week to a total of 231. This seasonal recovery follows regular winter slowdowns seen around the start of the year. One year ago we saw 14 more Canadian rigs in service.

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, 49 fewer than the same month the prior 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.