November 4, 2026
U.S. Oil & Gas Market Insight | November 2026
The United States enters November with steady drilling activity and an outlook for higher oil production and LNG exports. Baker Hughes reported 603 active U.S. rigs on October 30, unchanged from the previous week but 57 above the year-earlier count, suggesting a stronger activity base without a fresh weekly acceleration.
- Oil production: EIA’s October outlook projects U.S. crude output averaging 13.9 million barrels per day in 2026, rising to 14.3 million in 2027, compared with 13.7 million in 2025.
- Natural gas and LNG: EIA projects LNG exports averaging 17.6 billion cubic feet per day in 2026, versus 15.1 billion in 2025, supporting the importance of export-linked gas supply; however, above-average inventories provide a cushion entering winter.
- Regional focus: The Permian in western Texas and southeastern New Mexico remains a key oil-and-gas hub, while Haynesville in eastern Texas and Louisiana and Appalachia in the Northeast are important gas-producing regions. The Permian recorded 272 oil-directed rigs in the October 30 report, reinforcing its prominence in drilling activity.
The graph shows annual averages, not November production; 2026 and 2027 are forecasts from EIA’s October outlook.