Market Data
February 29, 2020
Slight Dip in Active Gas & Oil Rig Counts
Written by Brett Linton
Active U.S. and Canadian rig counts declined slightly this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand.
The number of active U.S. rigs fell by 1 to 790, with oil rigs down 1, gas rigs unchanged, and miscellaneous rigs unchanged. Compared to this time last year, the 790 count is down 248 rigs, with oil rigs down 165, gas rigs down 85, and miscellaneous rigs up 2. See the first graph below for a history of active U.S. rig counts.
