Jan. 22 (Reuters) – U.S. energy companies this week added oil and gas rigs for a ninth straight week amid rising energy prices in recent months.
The number of oil and gas rigs, an early indicator of future production, rose from five to 378 in the week of Jan. 22, its highest since May, energy services firm Baker Hughes Co said in its Friday closely monitored report. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI
Despite gains in recent months, that number is still 416 platforms, or 52%, below the same period last year. The total number, however, has skyrocketed since it hit a record low of 244 in August, according to Baker Hughes data dating back to 1940.
U.S. oil rigs rose two to 289 this week, their highest level since May, while gas rigs rose three to 88, their highest since April, according to data from Baker Hughes.
US crude futures were trading around $ 52 a barrel on Friday. That’s just a little lower than last week’s record close to $ 54, which was the highest contract since February 2020.
Looking ahead, however, U.S. crude futures were trading at around $ 51 a barrel for the 2021 balance and $ 49 for the 2022 schedule, which could prompt producers to cut back on activity in the future. .
Simmons Energy, an energy specialist at US investment bank Piper Sandler, predicts that the number of US platforms will grow from an annual average of 433 in 2020 to 369 in 2021 before rising to 567 in 2022.
It’s the same as Simmons’ forecast since mid-December. (Report by Scott DiSavino edited by Marguerita Choy)