OCTG

US rig counts inch up again, Canadian activity slips

Written by David Schollaert

February 21, 2025

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

The US rig count is 592, up by four from the prior week. It’s worth noting that in late January, US activity fell to the lowest rate recorded since late 2021. US drilling activity has remained at reduced levels since June 2024.

Canadian activity slipped by just one rig this week to a total of 244. Recall that earlier this month the count of 258 was the highest rate seen since March 2018. Historically, Canadian counts tend to surge through February before declining as warmer weather and thawing ground conditions limit access to roads and drill sites.

The international rig count is a monthly measure that totaled 905 in January. This is down by four from the December count and 60 fewer than the same month last year. February data will be updated next month.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.

For a history of the US and Canadian rig counts, visit the rig count page on our website.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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