US Drillers Add Oil Rigs in Biggest Weekly Build Since April

According to the Baker Hughes weekly rig count report, gas rigs in the U.S. fell by one this past week to 98, their lowest since August.

Reuters

U.S. energy producers this week added oil and natural gas rigs for a sixth week in a row as oil prices soared to their highest since 2014, prompting drillers to return to the wellpad.

The oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to Oct. 15, its highest since April 2020, energy services firm Baker Hughes Co. said in its closely followed report on Oct. 15.

That puts the total rig count up 261 rigs, or 93%, over this time last year.

U.S. oil rigs rose 12 to 445 this week, their highest since April 2020, while gas rigs fell by one to 98, their lowest since August. The increase in oil rigs was the biggest weekly build since April.

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