Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending May 31st was 496 oil and 100 gas (totaling 596). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.6% and gas down 2.1%. On a year on year (y/y) comparison, rigs were down 10.6% for oil and down 27.0% for gas. The combined figure for y/y was -13.8%, or -96 rigs.

Figure 1 shows the Baker Hughes U.S. Rotary Rig Counts for oil and gas equipment in the U.S. from 2014 to present. Oil rigs dropped below 200 in 2020 and landed at 496 this week. Gas rigs bottomed-out at 68 in July 2020 then rose to 100 this week.

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.