US oil and gas rig count holds at 603 for a second straight week
Baker Hughes reports the total US rig count steady at 603, up 10% year on year. Oil rigs rose to 460 while gas rigs fell to 132.
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what happened
US energy producers kept their total rig count flat for a second consecutive week, energy services firm Baker Hughes said in its closely followed Friday report. For the week ended October 23, the combined oil and gas rig count stood at 603. Oil rigs gained one to 460, the highest since early October, while gas rigs dropped one to 132, the lowest since early October. Miscellaneous rigs held at 11. Compared with a year earlier, the total count was up 53 rigs.
why it matters
Rig counts are an early indicator of future production. Higher oil prices during the US-Israeli war on Iran gave producers a reason to drill again, and WTI is on track for its first annual gain in four years. The US Energy Information Administration expects crude output to climb from a record 13.7 million barrels per day in 2025 to 13.9 million in 2026, and gas output from a record 107.6 to 112.2 billion cubic feet per day, driven by data center power demand and LNG exports.
market impact
Oil and gas: more drilling points to higher US supply, weighing on WTI and Brent
tags
instruments
sources
- US energy firms kept rig count unchanged for second week in a row, Baker Hughes says — Reuters, 23 October 2026 at 17:03 UTC
- US energy firms kept rig count unchanged for second week in a row, Baker Hughes says — Reuters, 23 October 2026 at 17:23 UTC
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