On Friday, energy services firm Baker Hughes Co. said that the US oil and gas rig count rose in the past week and resulted in the 13th straight monthly increase.
In the week ended August 27, the rig count climbed by 5 week-on-week to 508 units, the highest since April 2020. On an annual basis, the total rig count has doubled, or risen by 254 rigs while on a monthly basis, the count was up by 20 units.
Last week, oil rigs climbed by 5 units to 410 compared to the previous week, while gas rigs were stable at 97.
In August, oil rigs rose by 25 units, the highest since January, and scored an increase for the 12th consecutive month. On the contrary, the gas rig count dipped by 6, making the first monthly fall since October 2020.
Meanwhile, according to a provider of energy data Enverus reported a 47% increase in the count of rigs operating in the Gulf of Mexico year-on-year to 25 units.
Looking forward, Enverus predicted that Hurricane Ida will temporarily drive down the rig counts.
