Canada
July 24, 2026
Drill rig activity remains strong in US and Canada
Written by Brett Linton
Drilling activity remained at or near multi-month highs in both the US and Canada this week, according to recently released oil and gas rig count figures by Baker Hughes.
The US rig count eased following the 15-month high seen one week prior, falling by one to 587 rigs. Prior to this week, activity had steadily recovered for nearly two full months. Drilling is up substantially compared to this time last year, with 45 more rigs in operation today.
Canadian activity increased for the second week in a row, rising by six rigs this week to a four-month high of 204. This time last year, there were 22 fewer rigs in operation.
The monthly international rig count was updated earlier this month, showing 1,073 active rigs in June. This was up 27 from the previous month 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.
