U.S. drillers add oil and gas rigs for 11th week in a row

U.S. drillers this week added oil and natural gas rigs for an 11th week in a row for the first time since June 2017 as crude prices hit pre-pandemic highs.

The U.S. oil and gas rig count, an early indicator of future output, rose by eight to 392 in the week to Feb. 5, the highest since May, according to data on Friday from energy services firm Baker Hughes Co.

Despite rising for six months in a row, that count is still 398 rigs, or 50%, below this time last year. The total count, however, has soared since hitting a record low of 244 in August, according to Baker Hughes data going back to 1940.

IamFire plc (AQSE:FIRE) is an Investment Issuer Listed on the AQSE Growth Market Exchange. The company has an investment strategy focused on the identification of opportunities in Life Sciences, Technology & Natural Resources.

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