US Drilling Activity Rises, Crude Oil Price Holds Steady

The Baker Hughes Rig count for the current week showed an increase in drilling activity across the United States. The total U.S. rig count rose by one to 580, with oil rigs remaining unchanged at 445 and gas rigs increasing by one to 126.

The price of crude oil is currently trading at $71.20, down $0.88 or -1.21% on the day. Despite this decline, the technical bias remains neutral, as the price is situated between the 100 and 200 hour moving averages.

According to Baker Hughes, their U.S. Rig Count is one of the energy market's most closely watched indicators because it provides a real-time look at drilling activity across the United States. The report can influence WTI crude oil prices, natural gas prices, energy stocks (XOM, CVX, SLB, HAL, Baker Hughes), oilfield service companies, and Canadian energy shares.

Over the past year, the rig count has experienced three distinct phases: a steady decline in mid-2025, stabilization from late 2025 through early 2026, and a recent recovery. The total U.S. rig count fell into the low-540s in mid-2025 but has since recovered to its current level of 580.