US oil drilling rig in operation increases for 4 consecutive weeks: Baker Hughes

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The number of US oil and gas drilling rigs in operation for the week up to 9th, announced by energy service company Baker Hughes, has increased for the first time since June 2018 for the fourth straight week.

Producers have resumed drilling after crude oil prices have been hovering around $ 40 a barrel for the past few months.

The number of rigs in operation was 269, an increase of 3 from the previous week. The level for the same period of the previous year was 587 units (69%) lower.

The number of rigs in operation had fallen to 244, the lowest since 1940, when Baker Hughes began statistics, in the week leading up to August 14.

In the week leading up to the 9th, the number of oil rigs in operation increased by 4 to 193, the highest level since early June. The number of natural gas rigs in operation decreased by one to 73.

US crude oil prices are still down about 33% from the level at the beginning of the year due to the decline in demand due to the new corona epidemic, but WTI crude oil futures are expected to recover the global economy and energy demand due to the release of the lockdown (city blockade). Has risen 117% in the last five months.

Source Reuters

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