OCTG
Rig count update: US activity dips to a two-year low
Written by Brett Linton
May 24, 2024
Oil and gas drilling activity in the US eased further last week, receding to levels last seen at the start of 2022, according to the latest update from Baker Hughes. In contrast, the Canadian rig count ticked up to a three-week high.
US rigs
In the week ended May 24, the number of active drilling rigs in the US fell by four from the previous week to 600. Oil rigs held steady at 497, gas rigs declined by four to 99, and miscellaneous rigs were unchanged at four.
There were 111 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 73, gas rigs are down by 38, and miscellaneous rigs are unchanged.
Canada rigs
The number of rotary rigs operating in Canada increased by six during the week to 120. Oil rigs rose by seven to 64, while gas rigs fell by one to 56.
Active drilling levels in Canada are up by 33 rigs compared to this time last year, with oil rigs up by 22 and gas rigs up by 11.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of April rose to a five-month high of 978, up by seven 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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