OCTG
Active rig counts mixed entering May
Written by Brett Linton
May 3, 2024
Drilling activity declined in the US but increased in Canada, according to the latest data from Baker Hughes. The number of active rigs in the US has now slipped to the lowest level seen in over two years.
US rigs
The number of active drilling rigs in the US fell by eight week over week to 605 as of Friday. Oil rigs declined by seven to 499, gas rigs decreased by three to 102, and miscellaneous rigs increased by two to two.
This week there are 143 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 89, gas rigs are down by 55, and miscellaneous rigs are up by one.
Canada rigs
The number of operating oil and gas rigs in Canada rose by two to 120 this week. Oil rigs rose by four to 60 this week, while gas rigs declined by two to 60.
Active drilling levels in Canada are up by 27 compared to this time last year. The number of active oil rigs is up by 26 and gas rigs are up by one.
International rig count
The international rig count is updated monthly, new figures were released this week. The total number of active rigs for the month of April rose to a five-month high of 978, up by 7 from March and up by 31 from levels one year prior.
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.
Brett Linton
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