Analysis
February 20, 2026
Written by David Schollaert
The latest Baker Hughes rig count report shows steady drilling for oil and gas in the US, while drilling in Canada improved slightly.
The US rig count this week totaled 551 active rotary rigs, marking a third week at such levels. The breakdown was flat across the board, with oil, gas, and miscellaneous rigs all unchanged w/w at 409, 133, and 9, respectively.
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel market.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.