US oil and gas rig count rises to highest level since 2024, Baker Hughes says

By Scott DiSavino

NEW YORK, Nov 6 (Reuters) - US energy firms this week added rigs for the first time in four weeks, pushing the number to the highest since May 2024, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.

The total oil and gas rig count, an early indicator of future output, rose by one to 604 in the week to November 6. , , USOIRC=ECI, USGSRC=ECI

Baker Hughes said this week's increase puts the total rig count up 56, or 10%, from this time last year.

It also said the number of oil rigs rose by one to 463 this week, the highest level since May 2025, while the gas rig count rose by one to 131, its highest since mid-October. The number of miscellaneous rigs fell by one to 10, the lowest since early October, Baker Hughes said.

The oil and gas rig count declined by 7% in 2025, 5% in 2024, and 20% in 2023 as lower US oil prices prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.

With spot US West Texas Intermediate crude prices expected to rise in 2026 for the first time in four years, due to supply disruptions from the US-Israeli war with Iran, the US Energy Information Administration now projects that crude output will rise from a record 13.7 million barrels per day in 2025 to 13.9 million bpd in 2026.

On the gas side, the EIA projects output will jump from a record 107.6 billion cubic feet per day in 2025 to 112.2 bcfd in 2026 as demand for the fuel rises from power plants serving data centers and from liquefied natural gas exports.