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The U.S. Baker Hughes rig count for August 22, 2025, stood at 538 total active rigs, down by one from the previous count of 539. This includes 411 rotary oil rigs, which decreased by one, and 122 rotary gas rigs, which remained steady. Compared to the previous year, the total rig count is down 47 rigs, with oil rigs decreasing by 72 and gas rigs increasing by 25. Despite the decline in rig numbers, U.S. crude oil production edged up to 13.38 million barrels per day. In the commodities market, the West Texas Intermediate (WTI) crude oil front-month price increased by $0.86, or 1%, to $63.66 per barrel, while the 12-month WTI spread narrowed by $0.46 (25%) and the 6-month spread narrowed by $0.75 (40%), indicating a shift toward contango in the term structure. Brent crude prices rose above $68 per barrel, reaching over $69 at one point, although there were indications of falling prices and positions later. U.S. natural gas futures saw a decrease in price, with NYMEX September natural gas futures settling at $2.6960 per million British thermal units (MMBtu). Net long positions in U.S. natural gas increased by 14 billion cubic feet (28%) for the week ending August 15, even as prices fell by $0.13 (4%) to $2.89 per MMBtu. Data on open interest and drilling activity in the Permian Basin and overall U.S. drilling were also noted but without specific figures.
