US Energy Firms Boost Rig Count for Fourth Week Straight
US energy firms have added oil and gas rigs for four consecutive weeks, marking a first since September 2025, according to Baker Hughes' closely followed report.
The oil and gas rig count rose by three to 551 in the week ending May 15, its highest level since late March. This increase is despite the total count being down 25 rigs, or 4%, from this time last year.
Baker Hughes reported that oil rigs increased by five to 415 this week, their highest number since November 2025. Conversely, gas rigs fell by one to 128, a level not seen since mid-April. Miscellaneous rigs also declined by one to 8.
The projected rise in US West Texas Intermediate (WTI) crude spot prices is expected to boost output. The US Energy Information Administration (EIA) forecasts that crude production will increase from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026.