US energy firms extended a streak of weekly rig additions to seven, the longest uninterrupted run since May 2022, according to a weekly report from Baker Hughes.
Key figures from the week ending June 5:
- The combined oil and natural gas rig count rose by one to reach 563.
- Oil-directed rigs increased by two, bringing that count to 431.
- Gas-directed rigs fell by one to 124.
- Miscellaneous rigs remained unchanged at eight.
- The total rig count is four rigs, or roughly 1%, higher than the same period a year earlier.
The report notes this is the highest combined rig level since May 2025. The oil rig tally, at 431, is the highest since June 2025, while the 124 gas rigs mark the lowest gas rig count since January 2026.
Industry observers often view the rig count as an early gauge of future oil and gas output. The report underscores that, despite recent weekly gains, the US rig base has experienced multi-year contractions in prior periods: rig counts fell 7% in 2025, 5% in 2024 and 20% in 2023. Those declines were tied to a period of lower US oil prices, when many energy companies prioritized shareholder returns and debt reduction over expanding production.
Market expectations for crude are shifting. Spot US West Texas Intermediate crude prices are projected to increase in 2026 because of the Iran War, following price declines across 2023, 2024 and 2025. The US Energy Information Administration projects US crude output will climb modestly from a record 13.6 million barrels per day in 2025 to 13.7 million barrels per day in 2026.
As a weekly snapshot, the rig count provides an early signal about drilling activity and potential near-term changes in production, but it is one of several indicators market participants monitor when assessing future supply dynamics.