A weekly census of active drilling rigs operating in the United States and internationally, published every Friday by the oilfield services company Baker Hughes. The report breaks down rig counts by type (oil vs. gas), location, and drilling method, serving as a leading indicator of future oil and gas production levels. Energy traders watch the rig count closely because rising or falling activity levels can signal upcoming changes in supply that directly influence crude oil and natural gas prices.
Example
“WTI crude prices dipped on Friday after the Baker Hughes Rig Count showed a surprise increase of 12 active oil rigs in the US, suggesting higher future production.”