OCTG

Active rig counts stable this week

November 22, 2024

The number of oil and gas rigs operating in the US and Canada remained relatively stable this week, according to the latest data from Baker Hughes. The US drill rig count inched lower by one, while the Canadian count rose by one.

US rig activity has remained around this multi-year low territory since June. Drilling in Canada has edged lower across the last few weeks but remains historically strong.

US rigs

Through the week ending Nov. 22, there were 583 active rigs operating in the US, one fewer than the previous week. This count was made up of 479 oil rigs, 99 gas rigs, and five miscellaneous rigs. There were 42 fewer rigs operating last week than the same week one year prior.

Canadian rigs

There were 201 active rigs in Canada last week, one more than the week prior. This count included 133 oil rigs, 67 gas rigs, and one miscellaneous rig. There were nine more rigs in operation last week than a 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 down by 12 from a 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

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.