Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending October 25th was 150 oil and 66 gas (totaling 216). In percentage terms, on a month on month (m/m) basis, oil rigs were down 1.3% and gas up 1.5%. On a year on year (y/y) comparison, rigs were up 23.0% for oil and down 10.8% for gas. The combined figure for y/y was -10.8% or +20 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.