OCTG
Active rig count update: US flat, Canada rises
Written by Brett Linton
May 31, 2024
Oil and gas drilling activity in the US held steady last week, remaining near a two-year low, according to the latest update from Baker Hughes. In contrast, the Canadian count inched higher and is now at a six-week high.
US rig count
In the week ended May 31, the number of active drilling rigs in the US was unchanged week-over-week at 600. Oil rigs declined by one to 496, gas rigs increased by one to 100, and miscellaneous rigs were unchanged at four.
There were 96 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 59, gas rigs are down by 37, and miscellaneous rigs are unchanged.
Canada rig count
The number of rigs operating in Canada increased by eight this week to 128. Oil rigs rose by ten to 74, while gas rigs fell by two to 54.
Active drilling levels in Canada are up by 31 compared to this time last year, with oil rigs up by 23 and gas rigs up by eight.
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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