The U.S. rig count remained steady over the last week at 524 oil and gas rigs operating, according to Enverus. Overall, the count is up 5% on the month and up 39% year-over-year as there are currently about twice as many companies drilling wells now compared to a year ago. Oil rigs operating in the U.S. rose by two this week, while gas rigs rose by seven, which is the most in a week since December 2018 and the highest since March 2020. WTI crude futures in the U.S. were trading around $65/bbl on May 7, putting the contract up about 34% so far this year after they dropped about 21% last year.

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