Canada
July 31, 2026
Oil and gas rig drilling strengthens in US and Canada
Written by Brett Linton
Drilling activity increased in both the US and Canada this week to new multi-month highs, according to recently released rig count data from Baker Hughes.
US rig counts rose by one this week to 588 rigs, matching the mid-July count for a 15-month high. Activity has steadily increased over the last two months. Drilling is up substantially compared to this time last year, with 48 more rigs currently in operation.
Canadian activity increased for the third-consecutive week, jumping 15 rigs to a five-month high of 219 rigs. Drilling is also substantially higher than the same week of 2025, with 42 more rigs operating today.
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. Next week this count should be updated through July.
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.
