U.S. Oil Rig Count Rises for 10th Week in Row

The number of active oil and natural gas rigs increased this week for the tenth consecutive week, according to the weekly report by Baker Hughes.

This marked the biggest number of increases in a row for the rig count since June 2018.

In addition, January marked the sixth consecutive monthly rise in the U.S. rig count by adding 33 rigs, which is the biggest rise since October 2020.

The oil and gas rig count increased by six to 384 this week, reaching its highest level since May.

Despite gains in recent months, that count is still 406 rigs, or 51%, below this time last year. The total count, however, has soared since hitting a record low of 244 in August, according to Baker Hughes data going back to 1940.

Rigs drilling for crude oil increased by six to 295, while natural gas rigs remained unchanged.