According to Baker Hughes data, as of November 6, U.S. oil and natural gas exploration well count increased by 1 to 604, with horizontal drilling wells for shale development rising by 2 to 529.

U.S. Energy Department data showed that for the week ending October 30, U.S. crude oil output rose by 10,000 barrels to reach a new high of 14 million barrels per day. The department projects crude production will continue growing through 2026 and 2027, with 2026 estimated at 13.9 million barrels daily and 2027 forecast at 14.3 million barrels daily. Frac spread count, a key indicator of drilling activity, increased by 4 to 195 for the week of November 6, marking the first weekly gain in a month.

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