US oil rig count jumps, but gas rig numbers fall

London (Quantum Commodity Intelligence) - Another eight oil rigs were added in the US last week to bring the total to a 12-month high, but the number of gas rigs dropped by three, data from Baker Hughes showed Monday.

The oil rig count jumped to 352 over the week ending May 14, up from 344 a week earlier.

It was the highest weekly tally since April 24, 2020, although still less than half the number seen before the Covid-19 pandemic crisis.

In early March 2020, there were more than 680 oil rigs in the US.

Meanwhile, the number of gas rigs dropped down to 100 by last Friday, down from 103 a week earlier.  

Even with the drop in number, the gas rig count remains close to its pre-Covid 19 levels of around 110 in February 2020

The US gas rig count hit a peak of 202 in January 2019.

There was one other new rig added, classed as miscellaneous by Baker Hughes, to bring the total oil and gas rig count to 453 by Friday.

Another two rigs were also added in the Gulf of Mexico to bring the total to 15, and another four rigs were added in Canada to bring the total there to 59.

Overall, the North American oil and gas rig count rose to 512, up 9 from a week earlier, and up 150 from a year earlier.