U.S. rig count soars by 22, 60% above year-ago levels
Feb. 11, 2022 1:08 PM ET The United States Oil ETF, LP (USO) OLEM, OILK, NRGU, USOI, DBO, USL, SCO, BNO, UCO By: Carl Surran, SA News Editor 1 Comment
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The count of active drilling rigs in the U.S. surged by 22 to 635, 60% above year-ago levels, according to the latest weekly survey from Baker Hughes.
U.S. crude oil rigs jumped by 19 to 516 while gas rigs gained 2 to 118, with one rig unspecified; rigs targeting oil in the Permian Basin added 7 to 301, with 5 more rigs in the Eagle Ford bringing the total to 47.
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Bank of America's commodities team has forecast 900K bbl/day of lower-48 supply additions on ~100 horizontal rig additions throughout 2022; the oil rig count is now up 17 in the first five weeks of this year. |
