US rig count edges up despite oil price crash; activity resilient

Baker Hughes data shows US oil and gas rig count rose by 2 to 604 in the latest week, with oil rigs up 1 to 463 and gas rigs up 1 to 131, despite a concurrent oil price crash. The increase, though minor, signals drillers are not yet cutting activity in response to lower prices, possibly due to hedging or operational lags. This resilience could prolong supply, adding downward pressure on prices, but the trend may reverse if prices stay low.

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