US oil rig count stagnates: Baker Hughes

London, (Quantum Commodity Intelligence) - Two new gas rigs were drilled in the US last week, but the oil rig count stayed the same for the second week running, according to data from Baker and Hughes.

The number of oil rigs stood at 337, while the number of gas rigs inched up two to 93.

Two years ago, there were 833 oil rigs and 189 gas rigs.

The recovery in gas rigs has stalled since early February, stuck between 90 and 93.

But the oil rig recovery has only started to peter out over the last three weeks.

The number stood at 324 on March 26, but it was under 300 at the start of February.

The Texas oil and gas rig count was stationary last week for the first time this year, standing at 209 for the second week running, and more than half the levels seen two years ago.

Texas oil and gas rig count hit a low of 100 in the middle of August 2020, but the recovery has been slowing since March 5 when the tally reached 202.

Meanwhile, the number of oil and gas rigs dropped 11 in Canada and 3 in the Gulf of Mexico over the week to April 9.

Over, the north American oil and rig count dropped 9 last week to 490, down 147 from a year earlier.