The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50. The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI. Say what they will about rebalancing the oil market—even if they say it again and again—OPEC and its non-OPEC counterparts have been unable to swing prices (and keep them) near $60 per barrel. Undeterred and even seemingly satisfied with the current pricing environment, shale players in the US are showing no signs […]