Oil and Gas Rig Count Has Increased for 13 Months in a Row
The U.S. rig count rose 11 in the last week, according to Enverus Rig Analytics. The count is up 5% in the last month and up 118% in the last year.
The most notable increases week-over-week occurred in the Gulf Coast (plus four to 76), Permian Basin (plus three to 239) and Appalachia (plus three to 45). In the last month, the largest increases were in the Gulf Coast and Permian Basin where five rigs were added in each. On Sept. 12, the U.S. rig count hit a 2021 high of 626.
Fourteen offshore Gulf of Mexico rigs were shut down two weeks ago due to Ida and four of those offshore rigs returned to service.
Overall, the oil and gas rig count has increased for 13 months in a row through August as rising oil prices have prompted drillers to return to the wellpad.
WTI crude futures in the U.S. were trading under $72/bbl as of Sept. 17, heading for the fourth straight weekly gain thanks to the slow recovery in output after two hurricanes in the U.S. Gulf of Mexico.
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