Core Viewpoint - Oil markets are experiencing volatility due to geopolitical uncertainties driven by U.S. President Trump's comments on Iran and mixed signals regarding India's stance on Russian crude imports [1][5][10] Oil and Natural Gas Prices - As of February 3, 2026, WTI is priced at $62.67 per barrel, Brent at $66.70, Murban at $67.57, and Natural Gas at $3.330 per MMBtu [2] U.S. Rig Count - The total U.S. rig count as of January 30, 2026, is 546, down from 582 a year ago, with a gas rig count of 411 and a net change of +2 from the previous week [3] Rigs per Basin - The Permian basin has 242 rigs, with a net decrease of 2, while the Haynesville and Cana Woodford basins saw increases of 1 and 5 rigs, respectively [4] Market Dynamics - January 2026 oil prices were consistent with the previous year's levels, with ICE Brent averaging $64.7 per barrel and closing at $70.7, despite predictions of oversupply [5] - Open interest in ICE Brent futures reached a record high of 2.65 million contracts on January 26, 2026, although it has since decreased by over 200,000 contracts [6] Company Movements - Equinor has agreed to sell its onshore business in Argentina's Vaca Muerta for $1.1 billion, while Shell's Nigerian subsidiary will suspend production at the Bonga field for maintenance [7] - Excelerate Energy is set to develop a 1.5 mtpa LNG import terminal in India, marking a significant step in the country's LNG infrastructure [8] Geopolitical Influences - Trump's comments regarding Iran and the U.S.-India trade deal are creating uncertainty in the oil markets, particularly concerning Russian oil exports [9] - OPEC+ has decided to maintain production quotas in March 2026, citing lower global oil demand in the first quarter [10]