Baker Hughes Weekly Rig Count: Total rig count 595 (prev. 591); oil rigs 452 (prev. 450), gas rigs 134 (prev. 132)

Single-week changes of this size sit within the normal noise of the series; the signal has tended to come from the direction of the multi-week trend, since sustained additions in oil rigs have preceded US production growth with a lag of several months, while the gas count has mattered most when it signals a shift in associated versus dry gas supply. In past episodes the count has moved crude only when it broke a visible trend or contradicted the prevailing narrative on shale discipline, since the market prices the trend rather than the weekly wiggle. Worth tracking alongside this is the upstream capital expenditure guidance from the majors and independents, which has historically told whether rig additions translate into completed wells and output or remain drilled-but-uncompleted inventory. The distinction to draw is between the oil count, which feeds the WTI balance directly, and the gas count, which matters for Henry Hub through a different and more weather-sensitive balance. As a routine release, the read is directional on supply intent rather than on near-term price.