U.S. drillers today added oil and natural gas rigs for a 12 th week in a row, the longest streak of additions given that June 2017, as crude rates hit their highest in more than a year.
The oil and gas rig count, an early sign of future output, increased 5 to 397 in the week to Feb. 12, its highest since May, energy services firm Baker Hughes Co stated in its carefully followed report on Friday.
Despite rising for 6 months in a row, that count is still 393 rigs, or 50%, below this time last year. The overall count, however, has actually soared given that hitting a record low of 244 in August, according to Baker Hughes data returning to 1940.
U.S. oil well rose seven to 306 today, their greatest weekly boost in almost a month, while gas rigs fell two to 90.
After being up to tape lows listed below no in April 2020 due to coronavirus demand damage, U.S. crude futures climbed up over $59 a barrel this week, their greatest because January 2020.
Looking forward, however, U.S. unrefined futures were just trading around $58 a barrel for the balance of 2021 and $53 for calendar 2022, which could trigger some manufacturers to lower activity in the future.
( Reporting by Scott DiSavino Modifying by Marguerita Choy)
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