Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending November 29th was 134 oil and 70 gas (totaling 204). In percentage terms, on a month on month (m/m) basis, oil rigs were down 8.2% and gas up 4.5%. On a year on year (y/y) comparison, rigs were up 9.8% for oil and flat for gas. The combined figure for y/y was +6.8% or +13 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.