US energy companies increase the number of rigs for the sixth week in a row

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Friday, October 15, 2021 - 18:36
Point Trader Group
US energy companies increase the number of rigs for the sixth week in a row

US energy companies increased the number of oil and gas rigs operating for the sixth week in a row, as oil prices rose to the highest level since 2014.

Baker Hughes Energy Services said in its weekly report Friday, October 15 that the number of oil and gas rigs, an early indicator of future production, increased 10 to 543 over the week ending October 15, the highest level since April 2020.

The number of operating US oil rigs increased by 12 to 445 this week, the highest level since April 2020, while the number of gas rigs decreased by one to 98.

US crude futures rose this week to the highest level since 2014 and were traded on Friday near $82 a barrel.


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