US oil and gas drillers are reporting the biggest and most sustained upturn since oil prices began slumping in the middle of 2014. (John Kemp is a Reuters’ market analyst. The views expressed are his own.) LONDON, Oct 24 (Reuters) – U.S. oil and gas drillers are reporting the biggest and most sustained upturn since oil prices began slumping in the middle of 2014. The number of rigs drilling across the country has risen by 149, or 40 percent, since hitting a cyclical low at the end of May, according to oilfield services company Baker Hughes ( http://tmsnrt.rs/2eB7eso ). The active rig count has risen in 18 of the last 21 weeks confirming that a sustained upturn in drilling is occurring ( http://tmsnrt.rs/2enk54E ). Most of the extra rigs are targeting oil-rich formations (127) rather than gas-bearing formations (21) though most wells will produce a mix of hydrocarbons. Oil […]