Baker Hughes reported an astonishing 20-rig gain this week to the number of active oil and gas rigs in the United States for its November 18th reporting period, bringing the total number of active oil and gas rigs in the US to 588—169 fewer than this same time last year. The breakdown for this week’s monumental increase is 19 oil rigs and 1 gas rig. This week marks the largest increase in oil rigs in the US since July 2015, and in the last three weeks alone, 30 new oil rigs have been made active. The number of oil rigs now stands at 471. The increase in rig count indicates continued confidence in the sector, despite weekly US crude oil inventory builds that continue to add to the supply side of the already imbalanced supply/demand equation. Not surprisingly, the Permian saw the largest increase of 11 rigs, […]