Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending March 29th was 75 oil and 76 gas (totaling 151). In percentage terms, on a month on month (m/m) basis, oil rigs were down 47.9% and gas down 12.6%. On a year on year (y/y) comparison, rigs were up 29.3% for oil and down 6.2% for gas. The combined figure for y/y was +8.6% or +12 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2014 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.