NewsSignalsAI analysis·Reuters·Nov 13, 2026

US energy firms cut rigs for first time in six weeks, says Baker Hughes

Grade Bbullish AI signal$WTI

US energy firms cut the total oil and gas rig count by three to 601 this week, marking the first decline in six weeks and the lowest level since October 2. Gas rigs fell by four to 127, their lowest since August, while oil rigs remained unchanged at 463; the total count is still 9.5% higher than a year ago. The decline could signal near-term restraint in drilling activity, although projected growth in oil and natural gas production for 2026 could limit concerns about future supply.

Bullish strength: 55/100

Total oil and gas rig count remains 9.5% above year-ago levels.
EIA projects US crude production will increase to 13.9 million barrels per day in 2026.
EIA projects natural gas production will rise to 113.0 billion cubic feet per day in 2026.

Bearish strength: 45/100

Total US oil and gas rig count fell by three to 601, the lowest since October 2.
Gas rigs declined by four to 127, the lowest since August.

This is automated NewsSignalsAI analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.

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CANADA BAKER HUGHES OIL & GAS RIG COUNT +10 IN LATEST WEEK FROM PREVIOUS WEEK AT 233

Canada's Baker Hughes oil and gas rig count increased by 10 in the latest week to 233, signaling an expansion in drilling activity. The reported figure represents a 10-rig increase from the previous week. Rising Canadian drilling activity could support expectations of stronger future energy production and potentially pressure crude prices.

U.S. Oil Rig Count Unchanged at 463 — Market Talk

The U.S. oil rig count remained unchanged at 463 this week, while drilling activity remains significantly higher than a year ago, signaling continued strength in domestic oil production. Baker Hughes reported 46 more oil rigs than a year earlier, while the EIA expects U.S. output to reach a record 13.9 million barrels per day in 2026 and 14.3 million in 2027. Rising production, higher net imports and slightly lower refinery inputs could accelerate crude inventory builds in 2027, potentially pressuring oil prices.

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