Canada
May 8, 2026
Oil and gas rig counts tick up in US and Canada
Written by Brett Linton
US and Canadian drilling activity both ticked higher this week, according to recently released data from Baker Hughes.
US rig counts increased by one week over week to 548. Although up, US activity is just 12 rigs above the multi-year low set last August. This time last year there were 30 more rigs in operation.
Canadian activity also rose by one rig this week to 124, recovering from the four-month low seen one week prior. Historically, Canadian drilling ramps up at the start of each year then declines across April and May as thawing grounds limit access to drill sites. One year ago, there were 10 fewer rigs in operation.
The monthly international rig count was updated last week with April data. This count was 1,036 rigs, down 22 from the previous month and 51 fewer than the same month one year prior.
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.
