US Energy Firms Add Rigs for Eighth Time in Nine Weeks Amid Rising Oil Prices

US energy firms added rigs for the eighth time in nine weeks, according to Baker Hughes' closely followed report. The total oil and gas rig count rose by one to 563 in the week ending June 18, its highest since early June.

The increase brings the total count up nine rigs, or 2% above this time last year. Oil rigs held steady at 433 this week, while gas rigs rose by one to 122, their highest since early June, and other miscellaneous rigs remained unchanged at eight.

Despite a decline in rig counts over the past few years due to lower US oil prices, Baker Hughes' report suggests that energy firms are now focusing on increasing output. The US Energy Information Administration (EIA) projects crude output will rise from 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026 due to supply disruptions from the Iran war.

The EIA also forecasts a jump in gas output, from 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026, driven by rising demand for the fuel.