Author of the article:


Publishing date:

Feb 12, 2021 2 hours ago 1 minute read

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)


This ad has actually not packed yet, however your post continues below.

The Logic

Extensive reporting on the development economy from The Reasoning, brought to you in partnership with the Financial Post.

Top Stories Newsletter

Sign up to get the day-to-day top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to get the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking the unsubscribe link at the bottom of our e-mails. Postmedia Network Inc.


Please enter your comment!
Please enter your name here