Steel Markets
US and Canadian Rig Counts Steady
Written by Brett Linton
February 14, 2014
According to Baker Hughes data from February 14, 2014, the U.S rig count for this week is 1,764 rigs exploring for or developing oil or natural gas. This count is a decrease of 7 rigs when compared to last week, with oil rigs up 7 to 1,423 rigs, gas rigs down 14 to 337 rigs, and miscellaneous rigs unchanged at 4 rigs. Compared to last year the 1,764 count is an increase of 2 rigs, with oil rigs up by 86, gas rigs down by 84, and miscellaneous rigs unchanged.
The Canadian rig count increased by 3 to 624 rigs this week, with oil rigs up 6 to 415 rigs and gas rigs down 3 to 209 rigs. Compared to last year the 624 count is a decrease of 27 rigs, with oil rigs down by 85 and gas rigs up by 58. International rigs decreased by 10 to 1,325 rigs for the month of January, an increase of 46 rigs from the same month one year ago. For a history of both the US and Canadian rig count click here.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetracking an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett Linton
Read more from Brett LintonLatest in Steel Markets
Steady architecture billings signal improving conditions
The November ABI decreased month over month but was still the third-highest reading of the past two years.
Fitch warns more tariffs will pressure global commodity markets
“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.
Slowing data center, warehouse planning drives decline in Dodge index
The Dodge Momentum Index (DMI) slid further in November as planning for data centers and warehouses continued to decline.
Latin America’s steel industry grapples with declining demand, rising imports
With climbing imports and falling consumption, the Latin American steel industry has had a challenging 2024, according to an Alacero report.
CRU: Trump tariffs could stimulate steel demand
Now that the dust has settled from the US election, as have the immediate reactions in the equity, bond, and commodity markets, this is a prime opportunity to look at how a second Trump presidency might affect the US steel market.