Baker Hughes rig count rose by 1 to 580 in the latest weekly reading, according to the source article.
Crude oil traded at $71.20, down $0.88 or 1.21% on the day. The session low stood at $70.77, while the high reached $73.16. Meanwhile, the 100-hour moving average was at $71.70, which the source said marked close resistance.
The 200-hour moving average stood at $70.32. The source said a move below that level would shift the technical bias more to the downside. However, with oil trading between the 100-hour and 200-hour averages, the source described the bias as neutral.
Baker Hughes Rig Count and Drilling Activity
The Baker Hughes rig count is a weekly measure of active drilling rigs in the United States. It covers both oil and natural gas rigs and comes out every Friday at 1:00 p.m. ET. Additionally, the source described it as one of the energy market’s most watched weekly indicators.
The report gives a real-time view of drilling activity across the country. It does not directly show current output. However, traders and investors use it as a leading sign for future oil and gas production and spending.
Recent Trend in Baker Hughes Rig Count
The source said the past 12 months fell into three phases. It listed late 2025 through early 2026 as a period of stabilization. It also named spring into summer 2026 as a recovery phase.
More recently, the source said drilling activity has picked up. It also referred to the week ending July 2, 2026, but did not provide further figures in the text supplied.
You can access our other news on natural gas markets and global market developments here.
