Tag: Oil

The latest tally of active drilling rigs held steady in the US and slowed in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared to this time last year, there are 55 more rigs in operation today. Canada’s count decreased by five to 217 rigs this week, slowing for the first time in four weeks. Still, activity is up compared to the same week of 2025, with 19 more rigs operating today.

Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.

The latest tally of active drilling rigs rebounded in the US and moved higher in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count rose by five to 603 rigs this week, reaching a 17-month high. Compared to this time last year, there are 56 more rigs in operation today.

The latest tally of active drilling rigs increased in Canada while slightly easing in the US this week, according to oil and gas rig count data published by Baker Hughes.

The latest tally of active drilling rigs increased in both the US and Canada this week, according to oil and gas rig count data published by Baker Hughes.

Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.

The latest Baker Hughes rig count figures show that oil and gas drilling increased in both the US and Canada through this week. Drilling is substantially higher than it was this time last year.

Drilling activity held steady in the US but eased in Canada this week, according to recently released Baker Hughes rig count data.

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.

Drilling activity eased in both the US and Canada this week, receding from multi-month highs, according to recently released Baker Hughes rig count data.

The latest Baker Hughes data shows drilling activity picked up in the US last week while edging higher in Canada.

Baker Hughes' latest data shows US oil and gas drilling activity was steady this week at a multi-year high, while activity slowed slightly in Canada.

Drilling activity increased in both the US and Canada this week, touching new multi-month highs, according to recently released Baker Hughes figures.

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.

Drilling activity ticked higher this week in both the US and Canada, according to recently released rig count data from Baker Hughes.

Drilling activity accelerated this week in both the US and Canada, according to recently released rig count figures from Baker Hughes.

Drilling activity ticked higher this week in both the US and Canada, according to recently released rig count figures from Baker Hughes.

US and Canadian drilling activity ticked higher this week, according to recently released data from Baker Hughes.

This Premium analysis examines oil and natural gas prices, drill rig activity, crude oil stock levels, and fuel prices through May.

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.

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.)

US and Canadian drilling activity both ticked higher this week, according to recently released data from Baker Hughes.

Drilling activity increased in the US this week but declined in Canada, per Baker Hughes.

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.

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.

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.

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.

The latest count of operational drilling rigs declined in both the US and Canada this week, according to recently released data from Baker Hughes.

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.

The main impact on the ferrous value chain from the Middle East conflict will be the higher energy costs in a prolonged scenario.