Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending July 28th was 121 oil and 72 gas (totaling 193). In percentage terms, on a month on month (m/m) basis, oil rigs were up 11.0% and gas up 24.1%. On a year on year (y/y) comparison, rigs were down 11.7% for oil and up 7.5% for gas. The combined figure for y/y was -5.4% or -11 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.