US Rig Count Falls to 588 Even as Oil Prices Climb

Baker Hughes' latest weekly survey shows the total US rig count slipping to 588, though that figure remains 50 rigs above year-ago levels. Oil-directed rigs fell by 3 to 452—still 41 higher than the same week last year—while gas rigs edged down by 1 to 127.

The pullback arrives despite firmer crude prices, a pattern that breaks from the historical playbook where rising prices typically pull more rigs into the field. Producers appear to be prioritizing capital discipline and shareholder returns over chasing incremental barrels.

This restrained drilling response matters for WTI's medium-term supply trajectory. If US operators continue holding rig activity flat or lower even as prices firm, domestic output growth could undershoot expectations, tightening the balance sheet into year-end.