Number of US Oil, Gas Rigs Rises for Third Consecutive Week

Number of US Oil, Gas Rigs Rises for Third Consecutive Week
Oil industry well pumps, nodding donkey rig pumps crude oil up from the ground on an oil field in the desert. Bahrain, Middle East

US energy firms have added oil and gas rigs for a third week in a row following oil price increases, something that has not been seen since October 2018, according to Reuters.

The number of active rigs rose five to 266 as of 2 October. This represents a significant rise from the total rig count on 14 August, which was a record low of 244 rigs.

More than half the US oil rigs are in the Permian basin in West Texas and eastern New Mexico where total units rose four to 129 this week, the most since late June.

Even though US oil prices are 39% lower than at the start of the coronavirus destruction, US crude futures have gained 100% over the last six months leading to this continued, gradual rise in production resumption.

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