Analysis
Active rig counts ease in US, rise in Canada
Written by Brett Linton
July 12, 2024
US drill rig activity resumed its downward trend last week, while Canadian counts increased to a four-month high, according to the latest data release from Baker Hughes.
US rigs
In the week ended July 12, the number of active drilling rigs in the US fell by one week over week to 584. Oil rigs declined by one to 478, gas rigs fell by one to 100, and miscellaneous rigs rose by one to six.
There were 91 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 33, and miscellaneous rigs are up by one.
Canada rigs
The number of rigs operating in Canada increased by 14 last week to 189. Oil rigs rose by 11 to 126 and gas rigs increased by three to 63. This is the highest Canadian count recorded since mid-March.
This week there are two more active drilling rigs in Canada than there were one year ago. Oil rigs are up by 12 and gas rigs are up by 10.
International rig count
The international rig count is updated monthly. The total number of active rigs for the month of June rose to 957, up by four from May and down by 10 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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