OCTG
US active rig counts fall further while Canada rises
Written by Brett Linton
June 21, 2024
US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.
US rigs
In the week ended June 21, the number of active drilling rigs in the US fell by two week over week to 588. Oil rigs declined by three to 485, gas rigs are flat at 98, and miscellaneous rigs rose by one to three.
There were 94 fewer active US rigs compared to the same week last year. The number of active oil rigs is down by 61, gas rigs are down by 32, and miscellaneous rigs are down by one.
Canada rigs
The number of rigs operating in Canada increased by six during the week to 166. Oil rigs rose by five to 109, gas rigs increased by two to 57, and miscellaneous rigs declined by one to zero.
This week there are three less active drilling levels in Canada compared to levels one year ago. Oil rigs are down by one, gas rigs are down by two, and miscellaneous rigs are unchanged.
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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