Analysis
July 2, 2026
Rig count pushes higher in US, eases in Canada
Written by David Schollaert
Oil and gas drilling activity in the US picked up over the past week, while drilling in Canada slowed, according to the latest Baker Hughes rig counts.
The US rig count increased by seven rigs week over week to a 13-month high of 580 rigs. This count consisted of 445 oil rigs, 126 gas rigs, and nine miscellaneous rigs. There were 41 more rigs in operation this week than in the same week of 2025.
Canadian activity declined by seven rigs this week, but remained at the second-highest total in more than four months at 190. It was made up of 130 oil rigs, 58 gas rigs, and two miscellaneous rigs. Drilling is up substantially compared to this time last year, with 39 more rigs in operation today.
The monthly international rig count was updated this week with June data. This count was 1,073 rigs, up 27 from May but two 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.
