Steel Products
Rig Counts Down in Canada, Up in US
Written by Becca Moczygemba
March 17, 2023
Rig counts dropped in Canada and rose in the US this week, according to data from oilfield services company Baker Hughes.
The total US rig count was 754 for the week ended March 17, up eight rigs from the week prior. The number of active oil rigs in the US fell by one to 589 from the prior week. The number of gas rigs jumped nine to 162. Compared to this time last year, the US count is up 91 rigs, with oil rigs up 65, gas rigs up 25, and miscellaneous rigs up one, respectively.
The number of active Canadian rigs decreased by 16 to 207 last week from the prior week. Oil rigs in Canada dropped to 122 from 139, while gas rigs stood at 85, up by one in the same comparison. The Canadian count is up 30 rigs compared to last year, with oil rigs accounting for most of those gains.
The international rig count increased by 14 to 915 rigs for the month of February vs. the prior month and is up 28 rigs from the same month last year.
The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end-market for steel sheet.
Steel Market Update also publishes an in-depth “Energy Update” report covering oil and natural gas prices, detailed rig count data, and oil stock levels. That is available here for Premium members.
For a history of both the US and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to side track an existing one. Wells 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.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products
Nucor keeps HRC price unchanged
Nucor paused its weekly hot-rolled (HR) coil price this week, keeping it flat for the first time since Jan. 21. This comes after a nine-week rally that saw the company increase prices by double-digits for eight of those weeks.
Nucor increases plate prices by $40/ton
Nucor aims to increase prices for steel plate by $40 per short ton (st) with the opening of its May order book. The Charlotte, N.C.-based steelmaker said the increase was effective with new orders received on Friday, March 28, in a letter to customers dated the same day. The company said the price hike applied […]
US CRC price gains ground over imports
US cold-rolled (CR) coil prices increased again this week, while offshore prices declined.
SMU Steel Demand Index momentum slows
Steel Market Update is pleased to share this Premium content with Executive members. Contact info@steelmarketupdate.com for information on how to upgrade to a Premium-level subscription. Growth in SMU’s Steel Demand Index eased in March after reaching a four-year high in late February. Despite a moderate gain, the index remains in expansion territory. The Steel Demand […]
Leibowitz: Impact of tariffs on US manufacturers
On February 10, President Trump announced a massive restructuring of tariffs on steel and aluminum. Those changes took effect on March 12, and they will impact US manufacturing. What will the impact be? Bye-bye exclusions Perhaps the most important change, which hits imports from all countries, is the loss of a product exclusion process to […]