US Oil and Gas Rig Count Falls to 598 as Oil Rigs Edge Up

The total U.S. active oil and gas drilling rig count fell by one to 598 for the week, marking its first weekly decline in six weeks. According to Baker Hughes, oil rigs edged higher by one to 456, their highest level since May 2025, while natural gas rigs fell by two to 133 and miscellaneous rigs held flat at nine. Despite the modest weekly decline, total rigs remain 49 higher year-over-year. Meanwhile, EIA data showed domestic crude production averaged 13.955 million barrels per day, even as WTI and Brent crude prices retreated.