In a surprising turn of events, the total number of active drilling rigs in the U.S. has experienced a 2-rig surge, reaching 618. This rise comes after enduring consecutive weeks of plummeting numbers, as unveiled by the latest survey conducted by Baker Hughes.
The drilling rigs with a focus on crude oil in the U.S. saw a substantial 6-rig increase, soaring to 500, marking the most significant weekly uptick since February. In contrast, gas rigs dwindled by 4, settling at 114, while 4 rigs retained their classification as miscellaneous.
Notably, rigs specifically aimed at crude oil in the Permian Basin climbed by 4 to 307, while the count of oil rigs in the Eagle Ford region remained stagnant at 47.
The financial market’s Exchange-Traded Funds tangentially impacted by this development include: (NYSEARCA:USO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (UGAZF), (BOIL), (KOLD), (UNL), and (FCG).