OCTG

Rig count update: US count dips, Canada flat
Written by Brett Linton
September 6, 2024
Oil and gas drilling activity in the US edged lower in the week ended Sept. 6, remaining near multi-year lows, according to the latest data release from Baker Hughes. Meanwhile, drilling in Canada held steady at a six-month high.
US rigs
There were 582 drilling rigs operating in the US in the week ended Sept. 6, one less than in the week before. The oil and miscellaneous rig counts were stable at 483 and five, respectively, while gas rigs fell by one to 94.
There were 50 fewer active US rigs last week compared to the same week last year, with 30 fewer oil rigs, 19 fewer gas rigs, and one less miscellaneous rig.
Canada rigs
There were 220 active Canadian drilling rigs last week, unchanged from the prior week. Oil rigs fell by one to 152, gas rigs held steady at 67, and miscellaneous rigs increased to one.
There are currently 38 more Canadian rigs in operation than levels one year ago, with 39 more oil rigs, two fewer gas rigs, and one more miscellaneous rig.

International rig count
The international rig count is a monthly figure updated at the beginning of each month. The total number of active rigs for the month of August fell to 931, two less than the July count and 21 fewer than 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
Read more from Brett LintonLatest in OCTG

Oil and gas drilling pulls back considerably in Canada, steady in US
US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.

Ten OCTG importers found guilty of duty evasion
Ten US importers are on the hook to pay two years’ worth of anti-dumping and countervailing duties that US Customs says they had tried to illegally evade.

Drill rig activity increases slightly in US and Canada
US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.

US rig counts inch up again, Canadian activity slips
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.

Union workers at Welded Tube of Canada locked out since Christmas
Locking out its union employees two days before Christmas, Welded Tube's behavior has been very "Grinch-like," according to the USW.