Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending November 25th was 129 oil and 65 gas (totaling 194). In percentage terms, on a month on month (m/m) basis, oil rigs were down 11.0% and gas down 3.0%. On a year on year (y/y) comparison, rigs were up 21.7% for oil and flat for gas. The combined figure for y/y was +13.5% or 23 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2012 to present.

At Gerdau, we monitor rig counts along with the price of oil and natural gas since it has a major impact on long product sales – including special bar quality sucker rods for downhole pumping strings, to merchant and structural products for rigs and oilfield equipment.