U.S. Oil and Gas Rig Count Drops to 598

The number of operating oil and gas rigs in the United States decreased by one to 598 for the week ending October 2, 2026. This represents the first decline in the total rig count in six weeks, although the overall figure remains 9% higher than the same period last year.

Data from Baker Hughes shows a divergence between energy sources, as oil rigs increased by one to 456, reaching their highest level since May 2025. Conversely, gas rigs dropped by two to 133, hitting their lowest level since mid-September.

Despite the weekly dip, the Energy Information Administration forecasts that crude output will rise from 13.7 million barrels per day in 2025 to 13.8 million barrels per day in 2026. This growth coincides with projections that spot West Texas Intermediate crude prices will rise for the first time in four years, a trend driven by supply disruptions resulting from the Iran war.