Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending May 26th was 42 oil and 45 gas (totaling 87). In percentage terms, on a month on month (m/m) basis, oil rigs were up 16.7% and gas down 21.1%. On a year on year (y/y) comparison, rigs were down 23.6% for oil and down 6.3% for gas. The combined figure for y/y was -6.3% or -16 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2013 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.