Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending January 28th was 135 oil and 82 gas (totaling 217). In percentage terms, on a month on month (m/m) basis, oil rigs were up 246.2% and gas down 60.8%. On a year on year (y/y) comparison, rigs were up 37.8% for oil and up 7.9% for gas. The combined figure for y/y was +24.7% or 43 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.