US oil and gas rig count reaches highest level since April
Tuesday, February 2, 2021
The U.S. oil and gas rig count reached its highest level since April, climbing 12 rigs to 442 in the week ended Jan. 27, according to Enverus data.
The double-digit jump is likely indicative of a changing mindset stemming from higher oil prices, according to Hellenic Shipping News Worldwide.
Although operators are starting to see mid-$50 per barrel oil prices in 2021, oil prices were slightly lower. WTI prices averaged $52.71/b, down 33 cents, while WTI Midland averaged $53.63/b, down 28 cents, and the Bakken Composite price averaged $49.68/b, down 42 cents.
Natural gas prices were also slightly weaker, with Henry Hub averaging $2.55/MMBtu and Dominion South averaging $2.25/MMBtu, both down 8 cents.
Learn more: Hellenic Shipping News Worldwide > US oil, gas rig count jumps 12 to 442; highest since April 2020: Enverus
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