Oil and Gas Rotary Rig Counts (Canada):  The total number of operating rigs in Canada the week as of January 29th was 98 oil and 76 gas (totaling 174). In percentage terms, on a month on month (m/m) basis, oil rigs were up 444% and gas up 85.4%. On a year on year (y/y) comparison, rigs were down 37.6% for oil and down 15.6% for gas. The combined figure for y/y was -29.6% or -73 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.