Baker Hughes US Rig Count Rises 5 to 603, With Oil Rigs Up 6
Key Takeaways
- •The US rig count rose by five rigs week over week to 603, up from 598, according to Baker Hughes.
- •Oil-directed rigs increased by six to 462, while natural gas rigs declined by one to 132, leaving oil drilling at roughly three-quarters of the active fleet.
- •Year to date, the total count has grown by 56 rigs to 603, with oil rigs contributing 44 of those additions.
- •The weekly Baker Hughes figure is widely used as an indicator of future crude and natural gas supply because wells typically take months to move from drilling to production.
- •Crude oil was trading at $91.20, down 0.33% on the day, at the time of the report.
Baker Hughes US Rig Count Rises 5 to 603, With Oil Rigs Up 6
The total number of active drilling rigs in the United States increased by five this week, according to the weekly Baker Hughes rig count, which recorded 603 rigs in operation compared with 598 the previous week.
The weekly report showed the following changes:
- Total rigs: 603, up from 598
- Oil rigs: 462, up from 456
- Natural gas rigs: 132, down from 133
The oil-directed fleet drove the entire weekly increase, with its six added rigs more than offsetting the single natural gas rig that came offline. Oil rigs now make up roughly three-quarters of the active US fleet, a share that shows where current drilling activity is concentrated.
Measured for the year, the rig count has expanded across both categories:
- Total rigs: +56
- Oil rigs: +44
- Natural gas rigs: +12
Those annual changes imply the total count has climbed from 547 to 603, with oil rigs rising from 418 to 462 and natural gas rigs from 120 to 132. Oil-directed drilling accounts for 44 of the 56 rigs added over the period, making it the dominant source of the yearly expansion.
The Baker Hughes rig count is published each Friday and is widely followed as a barometer of upstream drilling activity in the US energy sector. Because wells typically require months to move from drilling to production, shifts in the weekly count are commonly used by market observers as a gauge of future crude oil and natural gas supply. The next reading in the weekly series is due next Friday, giving observers a fresh data point on whether the recent tilt toward oil-directed drilling persists.
Crude oil was trading at $91.20 at the time of the report, down $0.29, or 0.33%, on the day.
