Active drilling rigs in the U.S. rose for the ninth consecutive week, surging by 14 to 728, the highest since March 2020 and up 60% from this time a year ago, according to Baker Hughes' latest weekly survey released Friday.
The number of rigs drilling for oil jumped by 13 to 576, the best level since March 2020, and gas rigs added 1 to 150, highest since September 2019, while two rigs remained classified as miscellaneous.
Rigs targeting oil in the Permian Basin increased by 8 to 342.
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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 71 in the first 17 weeks of the year.