Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending January 31st was 186 oil and 72 gas (totaling 258). In percentage terms, on a month on month (m/m) basis, oil rigs were up 322.7% and gas up 44.0%. On a year on year (y/y) comparison, rigs were up 31.9% for oil and down 20.9 for gas. The combined figure for y/y was +11.2% or +26 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.