Features
Rig count update: US activity stable, Canada down
Written by Brett Linton
November 8, 2024
Active oil and gas rig counts remained unchanged in the US last week, while Canadian activity ticked lower, according to the latest release from Baker Hughes.
US counts have hovered in this territory since June, just above multi-year lows. Canadian counts have trended lower since early October but remain historically high.
US rigs
Through Nov. 8, there were 585 drilling rigs operating in the US, unchanged since mid-October. This count included 479 oil rigs, 102 gas rigs, and four miscellaneous rigs. There were 31 fewer active US rigs last week compared to the same week one year prior.
Canada rigs
There were 207 Canadian drilling rigs in operation last week, six fewer than the prior week. Oil rig counts fell by four week over week to 142, gas rigs declined by two to 65, and miscellaneous rigs remained at zero. There are currently eight more Canadian rigs in operation than levels one year ago.
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 October rose to 950, up three from September but 12 fewer than levels seen one year ago.
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 Features
Final Thoughts
Sometimes new presidential administrations hit the ground running. No time for change like the present. And sometimes new administrations blast off on a SpaceX rocket bound for Mars. There’s a big universe, and we’ve got a lot of flags to plant. Such seems to be the case with the new Trump administration.
AISI: Raw steel production edges down
Weekly raw steel mill production levels have fluctuated within a relatively narrow range across the last four months, according to data released by the American Iron and Steel Institute (AISI).
Trump threatens 25% tariffs on Canada and Mexico as soon as Feb. 1
President Donald Trump said on Monday evening that he was considering placing tariffs of 25% on imports from Canada and Mexico. The president said the tariffs could go into effect as soon as Feb. 1. President Trump threatened the tariffs as he signed a raft of executive orders in front of reporters in the Oval […]
Trump vows ‘overhaul’ of US trade policy to promote American interests
President Donald Trump has promised an “overhaul” of the US trade system, and in short order the unveiling of an “America First Trade Policy.” “I will immediately begin the overhaul of our trade system to protect American workers and families,” Trump declared in his inaugural address on Monday, Jan. 20. “Instead of taxing our […]
Final Thoughts
What’s been the impact of tariff threats on prices and demand? In short, not much – or at least that was the case when I was writing this column on Sunday afternoon. Spot activity for Canadian material, for example, has been put on hold over the last few weeks while the market waits to see what the new tariff landscape might look like.