Thursday 14th of April 2022 10:31:44 AM

U.S. rig count posts modest gains in Baker Hughes survey

Working Pumpjacks On Sunset imaginima/E+ via Getty Images Active drilling rigs in the U.S. added 4 to 693, 58% above year-ago levelsm according to the latest weekly report from Baker Hughes, after surging by a whopping 16 rigs a week earlier. U.S. rigs targeting crude oil climbed by 2 to 548, while gas rigs also gained 2 to 143; two rigs remained classified as miscellaneous. Rigs targeting oil in the Permian Basin rose by 2 to 333, and rigs in the Eagle Ford gained 3 to 51. ETFs: (NYSEARCA: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 43 in the first 12 weeks of this year.

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