What does the seventh consecutive weekly increase in U.S. oil and gas rigs indicate, and how does it compare to recent historical trends?

The seventh consecutive weekly increase in U.S. oil and gas rigs—reaching 563 total rigs as of June 5—is the longest such streak since May 2022 and marks the highest rig count since May 2025. This contrasts sharply with the multi-year decline in rig counts: down 20% in 2023, 5% in 2024, and 7% in 2025, driven by lower U.S. oil prices and energy firms prioritizing shareholder returns and debt reduction over output growth. The current uptick signals a potential shift in industry strategy amid rising price expectations for 2026.

How have oil and gas rig counts changed this week, and what are their respective levels relative to recent history?

This week, the oil rig count rose by two to 431—the highest since June 2025—while the natural gas rig count fell by one to 124—the lowest since January 2026; miscellaneous rigs remained unchanged at eight. The total oil and gas rig count increased by one to 563, up 4 rigs (1%) year-over-year, reflecting divergent trends: oil-directed activity is rebounding strongly, whereas gas-directed drilling continues to contract to multi-month lows.

US energy firms add rigs for seventh week in a row, says Baker Hughes

Jun 5, 2026

Baker Hughes reported U.S. oil and gas rigs increased to 563 for the seventh consecutive week, reaching a high since May 2025. The EIA projects crude and gas output will rise in 2026 amid expected price changes.

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