Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada the week as of October 30th was 40 oil and 46 gas (totaling 86). In percentage terms, on a month on month, (m/m) basis, oil rigs were up 8.1% and gas up 21.1%. On a year on year, (y/y) comparison, rigs were down 58.8% for oil and up 7.0% for gas. The combined figure for YoY was -38.6% or -54 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in the Canada from 2012 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 to include Special Bar Quality sucker rods for downhole pumping strings to merchant and structural products for rigs and oilfield equipment.