Oil and Gas Rotary Rig Counts (Canada):  The total number of operating rigs in Canada the week as of December 25th was 31 oil and 51 gas (totaling 82). In percentage terms, on a month on month, (m/m) basis, oil rigs were down 18.4% and gas down 20.3%. On a year on year, (y/y) comparison, rigs were down 40.4% for oil and up 8.5% for gas. The combined figure for YoY was -30.6% or -26 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in the 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 to include Special Bar Quality sucker rods for downhole pumping strings to merchant and structural products for rigs and oilfield equipment.