Steel Markets
Active Oil and Gas Rigs Increase in US and Canada
Written by Brett Linton
August 29, 2014
According to Baker Hughes data from August 29th 2014, the U.S rig count for this week is 1,914 rigs exploring for or developing oil or natural gas. This count is an increase of 18 rigs when compared to last week, with oil rigs up 11 to 1,575 rigs, gas rigs up 8 to 338 rigs, and miscellaneous rigs down 1 to 1 rig. Compared to last year the 1,914 count is an increase of 138 rigs, with oil rigs up by 187 gas rigs down by 42, and miscellaneous rigs down by 7.
The Canadian rig count increased by 4 to 409 rigs this week, with oil rigs down 5 to 231 rigs and gas rigs up 9 to 178 rigs. Compared to last year the 409 count is an increase of 10 rigs, with oil rigs down by 25 and gas rigs up by 35. International rigs increased by 38 to 1,382 rigs for the month of July, an increase of 77 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.