Rig Count Increases Slowly
The oil and gas rig count rose to its highest level since April 2020, energy services firm Baker Hughes Co. said its weekly report.
The number of rigs running in the U.S. ticked up by three in the last week. The increase in rigs during the second quarter was led by the Anadarko Basin (16), the Permian Basin (10) and the Williston Basin (six).
WTI crude futures in the U.S. were trading below $72/bbl to close to its highest level since October 2018.
According to the U.S. Energy Information Administration (EIA), U.S. crude production last week rose to 11.2 million bbl/d to its highest level since May 2020. U.S. shale oil output usually responds rapidly to price signals and the EIA this week forecast production from seven major shale formations would rise 38,000 bbl/d in July to about 7.8 million bbl/d.
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