Baker Hughes: US Oil and Gas Rig Count Rises for Eighth Time in Nine Weeks

Key Facts

Amid ongoing efforts to strengthen domestic energy security, the latest data shows a notable expansion in U.S. extraction infrastructure. According to the Baker Hughes report, U.S. energy firms added rigs for the eighth time in nine weeks. This consistent increase reflects a sustained trend of expanding drilling activity across the U.S. energy sector over the past two months.

This growth in rig counts comes as the market monitors global production levels, with crude prices experiencing recent volatility. Compared to last year, market data indicates that major shale producers like Chevron and ExxonMobil have increased their 2026 capital budgets to enhance well efficiency, per recent earnings reports. The rising rig count is generally viewed as a potential bearish factor for prices due to expectations of increased supply.

Regarding market performance, the 0RR8.L instrument stood at 60.5 USD (at close June 17, 2026), after reaching a session high of 61.7 USD. Traders are now looking toward key economic catalysts, including the U.S. NY Empire State Manufacturing Index, which recently posted a reading of 5.7, signaling a cooling in industrial growth that could impact energy consumption forecasts.