According to Baker Hughes, during the week that began on October 26, 2020, the number of oil rigs advanced by six units to 211. Analysts suppose that it is the lowest reading recorded since May this year. Moreover, the number of gas rigs dropped by one unit to 73.
In recent six weeks, from September 20, 2020, most US energy firms added oil and natural gas rigs. Baker Hughes emphasizes that such a tendency was last logged in June 2018.
Recently, the US energy sector has shown low performance caused by job cuts and reduced equipment operation. However, most rigs are expected to be relaunched at the beginning of November. The decision was made amid quite stable oil prices that are hovering around $40 a barrel. Notably, Baker Hughes reported that during the week ended on October 23, the oil and gas rig count rose by five units to 287.
