U.S. oil rigs fell by one to 491 this week, while gas rigs rose four to 113, their highest since January 2020, according to the closely followed Baker Hughes report.
U.S. oil rigs rose 11 to 492 this week, their highest since April 2020, while gas rigs rose two to 109, their highest since March 2020.
Even though the rig count has been rising for a record 17 months in a row, analysts noted oil and gas production was still expected to ease.
Kansas, Oklahoma, Texas Dist. 7B, 7C, 8, 8A, 9, 10
The U.S. rig count is down 0.7% in the last month, but up 75% year-over-year, according to Enverus Rig Analytics.
Even though the rig count has been rising for a record 17 months in a row, analysts noted production was still expected to ease as energy firms continue to focus more on returning money to investors than boosting output.
According to Enverus Rig Analytics, the U.S. rig count is nearing levels seen in March 2020, the start of COVID-related shutdowns.