U.S. oil and gas rig count hits 50 percent in a week

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U.S. oil and gas rig count hits 50 percent in a week

Sept 17 Reuters - The U.S. energy firms have added oil and natural gas rigs for a second week in a row though the number of unit in the Gulf of Mexico remained unchanged after Hurricane Ida slammed into the coast over two weeks ago.

Fourteen offshore Gulf of Mexico rig closed two weeks ago due to Ida-Stents will remain shut, energy services firm Baker Hughes Co. stated in its closely followed report on Friday. Last week four of these offshore rigs returned to service. The oil and gas rig count, an early indicator of future output, rose nine to 512 in the week preceding Sept. 17, its highest since April 2020, Baker Hughes said.

That puts the total rig count out 257 rigs, or 101%, over last year's 31 events.

This week, oil rigs rose 10 to 411 their highest since April 2020, while the Gas & Power Inc. held one to 100.

On Friday U.S. crude futures were trading under $72 a barrel, heading for the fourth weekly gain thanks to the slow recovery in production after two hurricanes in the Gulf of Mexico and following three strong dry conditions in the Gulf of Mexico.

Overall, the oil and gas rig count has increased for 13 months in a row through August as rising oil prices have prompted drillers to return to the wellpad.