US oil rig count stalling, gas rig numbers break above 100

London (Quantum Commodity Intelligence) - The oil rig count in the US continues to stall, although the number of gas rigs has broken through the 100 mark for the first time since March 2020, according to data from Baker Hughes.

Just two oil rigs were added in the US over the week to May 7, bringing the total to 344, the same level as April 16.

There were five new oil rigs in the Permian basin to bring the total to 227, but two less in Eagle Ford, falling to 31, and one less in California.

The total US oil rig count was up 52 from a year earlier, but down 461 rigs from the same week in 2019.

Meanwhile, the gas rig increased 7 over the week to May 7, bringing the total to 103, which was the highest since March 20, 2020.