Rig Counts: US Rises While Canada Slides

US oil rigs notched up one to 513 while gas rigs dropped by one to 113. Miscellaneous rigs bumped back up by one to six.

Compared to the same period one year ago, the US rig count is down by 127. Oil rigs are off by 78, and gas rigs are down 53. However, miscellaneous rigs are up by four, Baker Hughes said.

Canadian rigs are down by five week over week to 182. Oil rigs dropped by two to 113 and gas rigs fell by three to 69.

Year over year, active rigs in Canada are down by 23, with oil rigs down by 27 and gas rigs up by four.

The international rig count was down by nine from July to 952 rigs in August, but was up by 92 rigs from August 2022, Baker Hughes said.

The number of oil and gas rigs in operation is important to the steel industry as 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.

For a history of both the US and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.