US rig count steady at 603 as Brent hits five-month high

· Oil & Gas · United States

Baker Hughes data showed the US active rig count unchanged for a second straight week at 603, up 53 from the same time last year, with oil rigs rising, according to the report. The steadiness comes as oil prices surge. Meanwhile, physical crude grades from the Middle East softened even as Brent futures reached a five-month high, with oil still flowing out of the Persian Gulf through ship-to-ship transfers offshore Oman and producers offering competitive prices to Asian buyers; some Iraqi and Omani grades weakened. The divergence shows benchmark futures and physical barrels telling different stories about supply.

Why it matters：The gap between rising futures and softening physical Middle East grades signals that benchmark prices may be running ahead of actual barrel supply.

Key points

  • The US rig count held at 603, up 53 year on year.
  • Brent futures hit a five-month high while Middle East physical crude softened.
  • Iraqi and Omani grades weakened as producers courted Asian buyers.

Sources (original reporting)

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