Sumary of U.S. drillers add oil and gas rigs for sixth week in seven -Baker Hughes:
- Energy firms added oil and natural gas rigs for the sixth time in seven weeks as oil prices rose to their highest since 2018, although gas drillers have slowed down their activity..
- The oil and gas rig count, an early indicator of future output, rose five to 461 in the week to June 11, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday..
- It was also up 89% since falling to a record low of 244 in August 2020, according to Baker Hughes data going back to 1940..
- Article content With prices mostly rising since October 2020, some energy firms have said they plan to boost spending in 2021 after cutting drilling and completion expenditures over the past two years….