Analysis
April 24, 2026
Rig counts hold steady in US, Canada
Written by Laura Miller
Baker Hughes’ latest data shows the US rig count inching up by one while the Canadian count held steady in the week ended April 24.
The US lost three oil rigs but gained four gas rigs, for a net increase of one, bringing the total to 544 active rigs. Compared to the same week last year, oil drilling is down by 76 rigs while gas drilling is up by 30.
Canada’s weekly rig count was flat at 130, with one oil rig gained and one gas rig lost. At this time last year, there were three fewer oil rigs and five additional gas rigs in operation, for a total count of 128.
The monthly international rig count was updated earlier this month with March figures. This count was 1,058 rigs, down 54 from the previous month and 37 fewer than the same month one year prior. April figures should be released next week.
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.
