The monthly count of oil rigs in the U.S. experienced an increase for the first time since November, as reported by Baker Hughes (BKR.O), a prominent energy services company, in their highly anticipated weekly report released on Friday.
The combined count of oil and gas rigs, a preliminary indicator of future production, saw a rise of one to reach 625 for the week ending on October 27.
This week, the count of oil rigs in the U.S. went up by two, totalling 504, while the gas rigs decreased by one, settling at 117.
Over the course of the month, drillers have introduced two additional rigs, marking the first increase in the total oil and gas rig count since March. In October, the oil rig count experienced a monthly increase of two, the first of its kind since November, and the gas rig count also saw an increase, growing by one for the second consecutive month.
So far this year, U.S. oil futures have seen an approximate 6% increase, following a 7% rise in 2022. On the other hand, U.S. gas futures have experienced a significant drop of around 28% this year, despite having increased by roughly 20% in the previous year.
