US Drillers Add Oil, Gas Rigs for Third Consecutive Week

The oil rig count in the U.S. was up about 70% since the start of the year, while the number of active gas rigs was up only about 23%.

Reuters

U.S. energy firms this week added oil and natural gas rigs for a third week in a row as oil prices rose to a near seven-year high, prompting some drillers to return to the wellpad.

The oil and gas rig count, an early indicator of future output, rose six to 556 in the week to Nov. 12, its highest level since April 2020, energy services firm Baker Hughes Co. said in its closely followed report on Nov. 12.

That puts the total rig count up 244 rigs, or 78%, over this time last year.

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