The US oil and gas rig count fell by one to 598 in the week ending Friday, Baker Hughes data shows — the first decline in six weeks. Oil rigs rose to their highest level since May 2025 even as gas rigs dropped to a mid-September low, and the total still sits 9% above last year's count.
The US oil and gas rig count fell by one to 598 in the week ending Friday, according to Baker Hughes. The decline is the first in six weeks and leaves the total at its lowest level since mid-September.
The headline number masks a split move beneath it. Oil rigs increased by one to 456 this week, the highest count since May 2025, while gas rigs dropped by two to 133, their lowest level since mid-September. Miscellaneous rigs held steady at nine.
The total rig count remains 49 rigs, or 9%, higher than the same period last year. Yet drilling has pulled back in each of the past three years: the rig count fell 7% in 2025, 5% in 2024, and 20% in 2023. Lower US crude oil prices during those years led energy companies to prioritize shareholder returns and debt reduction over production increases.
Spot West Texas Intermediate prices are projected to rise in 2026 for the first time in four years.
The US Energy Information Administration forecasts that crude output will rise from a record 13.7 million barrels per day in 2025 to 13.8 million barrels per day in 2026. The agency attributes the price increase to supply disruptions from the Iran war.
Source: Investing.com
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