Total US oil and gas rig count fell by two to 543 in the week ending April 17, lowest since late March.
Oil rigs slipped to 410 and natural‑gas rigs to 125, marking the lowest gas rig level since January.
Rig count is 7% below the same period last year and down 7% in 2025 after consecutive declines in 2023‑24.
TD Cowen expects E&P capex to fall ~1% in 2026 versus 2025, following a 4% drop in 2025 and flat 2024 spending.