U.S. drilling rig count rises again; oil resumes upward march
Jan. 28, 2022 1:10 PM ETThe United States Oil ETF, LP (USO)UCO, DBO, USL, SCO, BNO, OLEM, OILK, USOI, NRGUBy: Carl Surran, SA News Editor33 Comments
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The count of active drilling rigs in the U.S. surges by 6 to 610, 59% above year-ago levels, Baker Hughes reports in its latest weekly survey.
U.S. crude oil rigs rose by 4 to 495, resuming its steady advance after last week's break, while gas rigs climbed by 2 to 115; rigs targeting oil in the Permian Basin gained 1 to 293.
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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 up 15 in the first four weeks of this year.