In October, the US oil and natural gas rig count posted the highest monthly jump since May 2018 following the recovering crude prices which has driven some producers to come back.
In the week to October 30, the oil and gas rig count grew by 9 to 296, according to Baker Hughes Co. The number was still 64% lower than the corresponding time in the prior year. Oil rigs climbed by 10, the highest since May, while gas rigs dropped by 1 to 72.
In the whole month of October, the total rig count was up by 35.
In the Permian basin, total units soared by 9 to 142 last week, also the highest level since May. The region possesses more than half of the country’s oil rigs.
Last week, the US crude prices slumped under USD35/barrel, the lowest level since June. However, even when prices have been down by 42% since the beginning of the year, it was still up by around 88% over the past six months.
