U.S. drilling rigs continue slow, steady upward climb at two-year highs

Apr. 29, 2022 1:52 PM ETThe United States Oil ETF, LP (USO)OLEM, OILK, NRGU, USOI, DBO, USL, SCO, UCOBy: Carl Surran, SA News Editor22 Comments

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Active drilling rigs in the U.S. climbed by 3 to 698, the sixth straight weekly gain and 58% above year-ago levels, according to Baker Hughes' latest weekly report.

U.S. rigs targeting crude oil added 3 to 552, their highest since April 2020, while gas rigs stayed flat at 144, matching a number last seen in October 2019, while two rigs were classified as miscellaneous.

The combined rig count has climbed for a record 21 months, but oil production is still well below pre-COVID levels.

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

Bank of America's commodities team previously forecast 900K bbl/day of lower-48 supply additions on ~100 horizontal rig additions throughout 2022; the oil rig count is now up 47 in the first 14 weeks of this year.

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