Environment and Energy
Rig Counts Fall in US, Rise in Canada
Written by Becca Moczygemba
May 26, 2023
Rig counts fell in the US while they inched up in Canada for the week ended May 26 vs. the week prior, according to the latest data from oilfield services company Baker Hughes.
The total US rig count stands at 711 active rigs as of May 26, down nine from the previous week. The number of active oil rigs in the US fell by 5 to 570 in the same comparison. Gas rigs dropped by 4 to 137 and miscellaneous rigs remained unchanged at four. When compared to this time last year, the US count is down by 16 rigs, with oil rigs down four, gas rigs down 14, and miscellaneous rigs up two, respectively.
The number of active Canadian rigs is up by two as of May 26 to 87 vs. the previous week. Active oil rigs in Canada were up to o 42 from 39, while gas rigs decreased to 45 from 46. Canada’s rig count dropped 16 rigs from last year’s count of 103, with oil down 13, and gas rigs down three, respectively.
The international rig count increased by 17 to 947 rigs in April vs. March, and is up by 141 rigs compared with 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.
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to sidetrack 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.
Steel Market Update regularly 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.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
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