U.S. Rig Count Falls as WTI Rally Tightens Supply Outlook

U.S. drilling activity contracted further this week, with Baker Hughes data showing the total rig count down by nine to 543, nearly 50 fewer than a year ago, even as Oil – US Crude climbed above $98. Oil-directed rigs fell by five to 409 and gas rigs declined by four to 127, underscoring producer caution amid higher prices and signaling the potential for tighter medium-term supply if drilling remains subdued.

Over the past month, Oil – US Crude has surged about 39.6%, reflecting robust bullish momentum that aligns with its 1-day technical rating of Strong Buy. In contrast, Natural Gas has slipped roughly 1.5% over the same period, and its short-term technical stance points to a Sell bias, highlighting diverging fundamentals between oil and gas despite the simultaneous rig pullback. Investors can explore more updates, prices, and analysis across global markets at Commodities.