The U.S. rig count rose 11% in October but was down 60% year-over-year.
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since June 2018, and for a third consecutive month, even as oil majors cut spending due to the COVID-19 pandemic's impact on energy demand and prices.
The rig count slowly increased by nine new rigs this past week with increases in the Rockies and Permian Basin.
Rig count is up 13% in the last month. The most significant weekly rig increases by major basin were in the Permian (up four to 129), Gulf Coast (up four to 31) and Appalachia (up three to 35).
The oil and gas rig count, an early indicator of future output, rose for the fifth week in a row, increasing 13 to 282 in the week to Oct. 16, energy services firm Baker Hughes Co. said in its closely followed report on Oct.16.
Since the week-over-week rig count from Sept. 30, the total tally of oil and gas rigs operating has increased by 17. According to Enverus, the rig count is up 12% in the last month, but down 64% in the last year.
U.S. rig count has stabilized around 300 operating rigs since end of May with every region seeing an increase during the third quarter except the Northeast.