U.S. rig count resumes sharp gains after one-week lull (NYSEARCA:USO)

U.S. rig count resumes sharp gains after one-week lull (NYSEARCA:USO)

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Active drilling rigs in the U.S. jumped by 13 to 663 according to the latest Baker Hughes weekly survey, resuming its recent pattern of steady gains after a one-week breather.

Rigs targeting crude oil in the U.S. increased by 8 to 527, while gas rigs gained 5 to 135; rigs targeting oil in the Permian Basin jumped by 6 to 316, while the Eagle Ford shale added 2 to 47.

The total rig count had climbed for eight consecutive weeks before last week’s pause; oil rigs had increased for six straight weeks heading into last week and have reached their highest since April 2020; gas rigs are at their best level since October 2019.

ETFs: USO, UCO, SCO, USL, DBO, USOI, NRGU, OILK, OLEM

Bank of America’s commodities team has forecast 900K bbl/day of lower-48 supply additions on ~100 horizontal rig additions throughout 2022; the oil rig count is now up 37 in the first nine weeks of this year.

Originally Posted on: https://seekingalpha.com/news/3812812-us-rig-count-resumes-sharp-gains-after-one-week-lull?source=feed_tag_commodities
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