OCTG
Active rig counts update: US eases while Canada rises
Written by Brett Linton
June 14, 2024
US drill rig activity eased further last week, now down to a two-and-a-half-year low, according to the latest update from Baker Hughes. In contrast, Canadian counts inched higher and are now at a three-month high.
US rigs
In the week ended June 14, the number of active drilling rigs in the US fell by four week-over-week to 590. Oil rigs declined by four to 488, gas rigs were unchanged at 98, and miscellaneous rigs were unchanged at four.
There were 97 fewer active US rigs compared to the same week last year, with active oil rigs down by 64, gas rigs down by 32, and miscellaneous rigs down by one.
Canada rigs
The number of rigs operating in Canada increased by 17 during the week to 160. Oil rigs rose by 15 to 104, gas rigs increased by one to 55, and miscellaneous rigs rose from zero to one.
Active drilling levels in Canada are up by one compared to this time last year, with one more oil rig, one fewer gas rig, and one additional miscellaneous rig.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of May eased to 953, down 25 from April and down by 12 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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