U.S. energy firms this week added rigs for the eighth time in nine weeks, energy services firm Baker Hughes said in its closely followed report on Thursday. The total oil and gas rig count, an early indicator of future output, rose by one to 563 in the week to June 18, its highest since early June. Baker Hughes released the report a day early due to the U.S. Juneteenth holiday on Friday. With this week’s rig increase, Baker Hughes said the total count was up nine rigs, or 2% above this time last year. Baker Hughes said 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 held steady at eight. The oil and gas rig count declined by 7% in 2025, 5% in 2024, and 20% in 2023 as lower U.S. oil prices prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. But now with spot U.S. West Texas Intermediate (WTI) crude prices expected to rise in 2026 due to supply disruptions from the Iran war after declining in 2023, 2024, and 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.6 million barrels per day (bpd) in 2025 to 13.7 million bpd in 2026. On the gas side, EIA projected output would jump from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 as demand for the fuel rises to produce electricity for power-hungry data centers and for export as liquefied natural gas (LNG).
(Reporting by Scott DiSavino; Editing by Franklin Paul and Daniel Wallis)