SunSirs: U.S. Crude Oil and Gas Rig Count Rises for Third Consecutive Week; Energy Supply Expectations Trend Upward
May 09 2026 13:25:21 SunSirs (Selena)
SunSirs (May 9) — The U.S. energy services firm Baker Hughes reports that U.S. energy companies have increased their oil and natural gas rig count for the third consecutive week—marking the first instance of three consecutive weekly increases since early February. For the week ending May 8, the total number of U.S. oil and gas rigs—a leading indicator of future production—rose by one unit to reach 548, hitting its highest level since early April.
The U.S. oil and gas rig count serves as a leading indicator for crude oil production. The current recording of three consecutive weekly increases—the first such streak since early February—saw the total count rise to 548 rigs for the week ending May 8, reaching a new high since early April. This signals an expectation of rising future U.S. crude oil supplies, which exerts downward pressure on spot crude oil prices and is generally considered a bearish factor.
Notably, the U.S. oil and natural gas rig counts rose in tandem during this period. As the rig count also serves as a leading indicator for natural gas production, three consecutive weeks of increases suggest that future U.S. natural gas supplies are likely to rise. This is expected to exert downward pressure on spot natural gas prices and is generally considered a bearish factor.
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