Story
US Energy Rig Count Holds Steady for Second Consecutive Week, Baker Hughes Reports
The total number of active U.S. oil and gas drilling rigs held steady for a second consecutive week at 588, according to the latest data from energy services firm Baker Hughes. The report reflects drilling activity for the week ending Sept. 5.
Rig Count Details
A minor shift between oil and gas activity left the total count unchanged. The number of rigs drilling primarily for crude oil increased by two, while the number of gas-focused rigs decreased by the same amount.
- Oil rigs: +2 to 449
- Natural gas rigs: -2 to 130
- Miscellaneous rigs: Unchanged at 9
Broader Drilling Trends
The recent stability contrasts with a persistent multi-year decline in U.S. drilling. Baker Hughes data shows the total rig count fell by 20% in 2023, 5% in 2024, and a further 7% in 2025.
AdThis downward trend has been largely attributed to a period of lower U.S. oil prices, which prompted energy companies to prioritize shareholder returns and debt reduction over capital expenditures on new production.
Future Production Outlook
Despite the lower rig count, the U.S. Energy Information Administration (EIA) projects continued growth in domestic energy output. The agency forecasts U.S. crude oil production will rise from a record 13.6 million barrels per day (bpd) in 2025 to 13.8 million bpd in 2026.
The EIA noted that higher projected WTI crude prices in 2026, influenced by potential supply disruptions, could incentivize this increased output. For natural gas, the agency expects production to increase from a record 107.6 billion cubic feet per day (bcfd) in 2025 to 111.2 bcfd in 2026. This growth is underpinned by rising electricity demand from data centers and expanding demand for liquefied natural gas (LNG) exports.
Read next
More on Commodities
U.S. Crude Inventories Post Surprise Draw While Gasoline Stocks Swell, EIA Reports
U.S. crude oil stockpiles fell unexpectedly last week, driven by a surge in exports, while gasoline inventories saw a significant build amid weakening demand, according to the latest EIA data.
UBS Raises Year-End Brent Forecast to $110 on Middle East Supply Risks
UBS has increased its year-end forecast for Brent crude to $110 per barrel, citing escalating supply risks in the Middle East, declining global inventories, and record-high freight costs.
Iran Dismisses Latest Qatari Peace Proposal as 'Unacceptable'
A senior Iranian official has rejected the latest Qatari-mediated draft deal to end the eight-month war, calling the ideas 'unacceptable' and signaling a continued diplomatic impasse. The news comes amid rising oil prices following attacks on Saudi energy infrastructure.
Argentina Poised to Gain EU Soymeal Market Share as Deforestation Rules Hit Brazil
Argentina's soybean industry is preparing to capture a larger share of the European Union's soymeal market as new EU anti-deforestation rules are expected to disrupt exports from rival Brazil.