Market Data
June 26, 2026
Oil and gas drilling expands in US and Canada
Written by David Schollaert
Drilling activity accelerated this week in both the US and Canada, according to recently released rig count figures from Baker Hughes.
The US rig count rose by 10 rigs week over week (w/w) to 573 rigs, setting a new 13-month high. There were 26 more rigs in operation this week compared to the same week last year.
Canadian activity increased by 11 rigs w/w to a near four-month high of 197. Drilling is up substantially compared to this time last year, with 57 more rigs in operation today.
The monthly international rig count was updated with May data earlier this month. This count was 1,046 rigs, down three from the previous month and 25 fewer than the same month one year ago.
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.
