Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending July 30th was 93 oil and 59 gas (totaling 152). In percentage terms, on a month on month (m/m) basis, oil rigs were up 6.9% and gas up 25.5%. On a year on year (y/y) comparison, rigs were up 745.5% for oil and up 78.8% for gas. The combined figure for y/y was +240.0% or 108 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.