September 18, 2026
The number of oil and gas rigs operating in the U.S. rose by four this week, touching a total of 595.
What happened
The Baker Hughes rig count report showed U.S. oil rigs increased by two, reaching 452. Natural gas rigs also rose by two, settling at 134. The combined count lifted to 595 from 591 the prior week.
Why it matters
More rigs typically signal that drillers plan to pump more oil and gas. That extra supply can put downward pressure on energy prices, rippling into lower fuel costs for shippers and drivers and squeezing the profit outlook for producers.
The case against
A weekly bump of four rigs is a small signal. Drillers might be reacting to a short term price spike, not starting a lasting buildout, and well productivity gains mean production can sometimes rise even when the rig count stays flat or falls.
What settles it
Whether weekly rig additions turn into a three to four week streak, which would confirm that producers see durable demand.