OCTG

Rig count down in US, up in Canada
Written by David Schollaert
February 2, 2024
Rig counts in the US and Canada were mixed, with US totals slipping and Canadian counts moving higher week on week (w/w) for the week ended Feb. 2, Baker Hughes’ latest data shows.
US
The number of active rotary rigs in the US slipped by two to 619. Oil rigs were unchanged at 499. Gas rigs fell by two to 117. Miscellaneous were flat at three.
The count of active US rigs is down by 140 from the same week last year when 759 rigs were in operation, according to the data from the oilfield services provider. There are 100 fewer oil rigs and 41 fewer gas rigs in operation, while the miscellaneous count is up by one to two.

Canada
The number of operating oil and gas rigs in Canada rose to 232, up by two from the week prior. Oil rigs decreased by three to 141. Gas rigs rose by five to 91.
Drilling in Canada is also lower year over year. There are 17 fewer rigs running now than a year ago.

International rig count
The international rig count is updated monthly. The total number of active rigs during January was 965, up 10 from December and up 64 from January 2023.

The Baker Hughes rig count 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 rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. For a history of the US and Canadian rig counts, visit the rig count page on our website.

David Schollaert
Read more from David SchollaertLatest in OCTG

Oil and gas drilling pulls back considerably in Canada, steady in US
US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.

Ten OCTG importers found guilty of duty evasion
Ten US importers are on the hook to pay two years’ worth of anti-dumping and countervailing duties that US Customs says they had tried to illegally evade.

Drill rig activity increases slightly in US and Canada
US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.

US rig counts inch up again, Canadian activity slips
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.

Union workers at Welded Tube of Canada locked out since Christmas
Locking out its union employees two days before Christmas, Welded Tube's behavior has been very "Grinch-like," according to the USW.