Oil and gas rig drilling picks up in US and Canada
US and Canadian drilling activity ticked higher this week, according to recently released data from Baker Hughes.
Tag: Oil
May energy market update
This Premium analysis examines oil and natural gas prices, drill rig activity, crude oil stock levels, and fuel prices through May.
CRU: Iron ore firms on surging costs
After a brief dip last month, iron ore prices have resumed their upward trajectory as the war in the Middle East escalates. Elevated costs have established a new pricing norm, keeping iron ore prices firm even as current levels exceed what supply‑demand balance would justify. Meanwhile, Simandou is finally gaining momentum after a slow start. Quality remains the decisive factor for steelmakers sourcing from the seaborne market, reshaping trade flows.
Final Thoughts: As goes oil, so goes coil?
Inventories are getting dangerously low. (Sheet stocks are at their lowest point since May 2021!) Lead times remain extended. And mills have few spot tons available. (The ‘a’ word – “allocation” – is being kicked around.)
Oil and gas rig counts tick up in US and Canada
US and Canadian drilling activity both ticked higher this week, according to recently released data from Baker Hughes.
Oil and gas drilling picks up in US, slips in Canada
Drilling activity increased in the US this week but declined in Canada, per Baker Hughes.
Join SMU and AMU for a Community Chat with Mercury Resources CEO Anton Posner
Anton Posner, CEO of Mercury Resources, will join Steel Market Update (SMU) and Aluminum Market Update (AMU) for a Community Chat on Thursday, May 14, at 11 am ET.
Final Thoughts: Steel remains bullish despite concerns about higher fuel, freight costs
The flat-rolled steel market looks poised for continued gains despite widespread concerns about higher freight costs stemming from the Iran War, according to SMU's latest steel market survey.
Oil and gas drilling activity slows in US and Canada
Drilling activity declined in both the US and Canada this week, according to active oil and gas rig count figures released from Baker Hughes on Friday.
Final Thoughts: Are we nearing peak steel market tightness?
Could we see prices continue to inch higher, plateau, and then start to slide back? A lot hinges on whether and how long it takes mills to catch up on orders.
Drilling activity slows in US and Canada
The latest count of operational drilling rigs declined in both the US and Canada this week, according to recently released data from Baker Hughes.
Drilling activity increases in US, falls in Canada
The latest tally of active oil and gas rigs increased in the US this week but declined in Canada, according to figures recently released from Baker Hughes.
CRU: Middle East conflict poses energy cost risk to ferrous value chain
The main impact on the ferrous value chain from the Middle East conflict will be the higher energy costs in a prolonged scenario.
Drilling activity up modestly in the US and Canada
The latest count of operational oil and gas rigs increased in both the US and Canada this week, according to the latest data released from Baker Hughes.
Active rig counts rise in US and Canada
The latest tally of operational oil and gas rigs increased this week in both the US and Canada, according to the latest figures published by Baker Hughes.
Rig count update: US activity eases, recovers in Canada
The number of oil and gas rigs operating in the US fell this week, while Canadian activity recovered further, according to the latest data released from Baker Hughes.
Rig count update: US activity increases, Canada plunges
The number of oil and gas rigs operating in the US ticked higher this week, while Canadian activity tumbled, according to the latest data released from Baker Hughes.
December energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through December
US and Canadian rig counts inch higher
Baker Hughes reported higher oil and gas drilling activity this week in both the US and Canada.
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Rig count increases in the US and in Canada
Oil and gas drilling activity increased this week in the US and Canada for the third consecutive week, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Oil and gas rig counts rise in US and Canada
US rig counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.
Drill rig activity ticks higher in US and Canada
Active rig counts increased in both the US and Canada last week, according to figures released by Baker Hughes. Although rising, US counts continue to hover just above historic lows. Canadian figures remain comparatively healthy, rising to a six-month high this week. Total US rig counts climbed by two week over week (w/w) to 539. […]
Active rig counts rise in US and Canada
Drilling activity increased in both the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
Active rig counts ease in the US, climb in Canada
Drilling activity slowed in the US and increased in Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
Drill rig activity rises in US and Canada
Drilling activity increased in both the US and Canada for the week ended July 18, according to the latest data from Baker Hughes.
US drilling activity falls further, climbs in Canada
US oil and gas drilling activity continued to decline for the 11th consecutive week, while Canadian counts climbed for the sixth week in a row, according to the latest data from Baker Hughes.
Drilling activity eases in US, climbs in Canada
Oil and gas drilling activity declined for the ninth-consecutive week in the US, while Canadian counts rose for the fourth straight week, according to Baker Hughes.
Final Thoughts
Not many people in the North American steel market had direct US involvement in another Middle East conflict on their bingo card. Prices weren't expected to shoot higher unless something unexpected happened. That unexpected something has now happened. And there is talk of oil at $100 per barrel. What does that mean for steel?