Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending May 31st was 74 oil and 54 gas (totaling 128). In percentage terms, on a month on month (m/m) basis, oil rigs were up 23.3% and gas down 10.0%. On a year on year (y/y) comparison, rigs were up 45.1% for oil and up 17.4% for gas. The combined figure for y/y was +32.0% or +31 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2014 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.