Baker Hughes: US Energy Firms Add Rigs for Third Consecutive Week

Key Facts

In a move reflecting producers' response to current market conditions, U.S. energy firms added oil and gas rigs for a third consecutive week according to the Baker Hughes report. This steady increase in active drilling rigs serves as a signal for a potential rise in future U.S. production. The ramp-up by energy companies follows a period of inventory declines, prompting firms to adjust their production strategies accordingly.

This increase comes as investors monitor global supply stability, with market data showing crude prices facing mixed pressures amid improving Chinese manufacturing indicators, where the Industrial PMI reached 50.3 in June per official data (June 30, 2026). Compared to the previous quarter, these moves demonstrate producers' intent to maintain market share amid expectations of growing Asian demand, according to energy sector analyst reports.

Looking at market performance, the 0RR8.L instrument stood at $53.99 (at close July 01, 2026), sitting at its daily low after reaching a high of $56.50. Traders should watch the upcoming U.S. Wholesale Inventories data and speeches from Fed officials, as these catalysts could impact overall demand levels and subsequent energy price trends in the near term.