Baker Hughes reports that US energy companies have added rigs to their fleets for the seventh consecutive week.

Baker Hughes, a leading energy services firm, said in its closely watched report published on Friday that U.S. firms added rigs this week for the seventh week 'in a row' for the first since May 202.

The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending June 5. It is now at its highest level since May 2025.

Baker Hughes reported that the total number of rigs was up by four rigs or 1% compared to this time last year.

Baker Hughes reported that oil rigs rose by two this week to 431, the highest level since June 2025. Gas rigs fell by one to just 124, which is the lowest level since January 2026. Other miscellaneous drilling rigs remained?at 8

Oil and gas rig counts will decline by 7%, 5%, and 20% between 2025 and 2023, as the lower U.S. crude oil prices encourage energy firms to focus on increasing shareholder returns and paying off debt, rather than increasing output.

After declining in 2023 and 2024, it is expected that spot U.S. West Texas Intermediate crude prices will rise in 2026 as a result of?the Iran War. The U.S. Energy Information Administration (EIA), projected that crude production would increase from a record of 13.6 million barrels a day (bpd),?in 2025, to 13.7 millions bpd by 2026.

EIA predicted that gas output would increase from a record of 107.7 billion?cubic feet (bcfd), in 2025, to 110.6 bcfd, in 2026. This was despite the fact that spot prices for U.S. Henry Hub in Louisiana, were expected to fall by around 1%. (Reporting and editing by David Gregorio, Scott DiSavino)

(source: Reuters)