Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending June 28th was 116 oil and 59 gas (totaling 175). In percentage terms, on a month on month (m/m) basis, oil rigs were up 56.8% and gas up 9.3%. On a year on year (y/y) comparison, rigs were up 6.4% for oil and up 1.7% for gas. The combined figure for y/y was +5.4% or +9 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.