U.S. Rigs Inch Higher As Prices Recover

The number of oil and gas rigs in the United States rose by 5 this week, according to Baker Hughes—after rising by 3 last week. The total rig count is now 508, up 254 from the same time last year, but lagging behind the 790 active rigs in March 2020. The U.S. oil rig count rose by 5 this week to 410, while the number of gas rigs held at 97.

Miscellaneous rigs also held at zero. The EIA’s estimate for oil production in the United States for the week ending August 13 rose by 100,000 bpd for the third week in a row to an average of 11.4…