Baker Hughes data shows a net increase of 44 rigs year-over-year, with oil and gas counts holding steady this week.
The US oil and gas rig count climbed to 581 this week, marking a 44-rig increase from the same period last year. The gain was driven by a rise in miscellaneous rigs, as oil and gas rig counts remained unchanged at 445 and 126, respectively.
Oil rigs held steady at 21 above last year’s level, while gas rigs were up by 18. The data reflects cautious activity amid market volatility, with no new additions to core drilling segments this reporting period.
Markets are monitoring the modest uptick as a signal of restrained expansion in energy production capacity.