Baker Hughes US Oil Rig Count Rises to 449

The Baker Hughes US Oil Rig Count was reported at 449 for the week ending September 4, 2026. This figure marks an increase from the previous week’s count of 447. No consensus estimate was available for this release.

Following the release, market reaction varied across major currency pairs and gold. The US Dollar generally strengthened against several majors, with USDCHF gaining 6.5 pips and USDJPY rising 5.2 pips one hour after the data. XAUUSD saw a notable decline of 181 pips in the hour after the release. For XAUUSD, this move was significantly larger than its typical median 1-hour move of 15 pips and its top-quarter move of 34 pips. NZDUSD also experienced a larger than typical move, falling 7.4 pips, compared to its median 1-hour move of 4 pips. In contrast, USDCAD saw a relatively small move of +0.9 pips, which was below its median 1-hour move of 6 pips. GBPUSD also moved less than its median, declining 5.1 pips against a median of 6 pips. AUDUSD declined 6.3 pips and EURUSD declined 7.1 pips, both larger than their respective median 1-hour moves of 3 pips and 4 pips.