Analysis
August 28, 2026
US rig count holds near multi-month high, Canada slips
Written by David Schollaert
Baker Hughes’ latest data shows US oil and gas drilling activity was steady this week at a multi-month high, while activity slowed slightly in Canada.
For the week ended Aug. 28, the US rig count was flat from the previous week at 588. That’s just marginally below the 17-month high mid-August reading of 593. Oil rigs decreased by five, while gas rigs increased by five. Drilling activity remains ahead of last year, with 52 more active rigs in operation.
Meanwhile, Canada’s rig count dropped by five to 211, with four fewer oil rigs, two fewer gas rigs, and one additional miscellaneous rig. The count is down just slightly from the previous week’s five-month high. Drilling remains substantially higher than the same week of 2025, with 36 more rigs operating today.
The monthly international rig count was updated earlier this month, showing 1,096 active rigs in July. This was up 23 from the previous month and 17 higher 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.
