US Oil and Gas Rig Count Rises for Fourth Consecutive Week
Key Highlights:
* US energy companies added oil and natural gas rigs for a fourth consecutive week.
* The total rig count reached 592, its highest level since June.
* Oil rigs increased by 7 to 488, the highest since September.
* Gas rigs decreased by 2 to 99.
* Oklahoma gained 5 rigs, bringing its total to 49, the highest since May 2023.
* West Virginia added 1 rig, reaching 11, the highest since August 2023.
* The rig count declined 5% and 20% in 2024 and 2023, respectively.
* EIA forecasts crude oil production to increase from 13.2 million bpd in 2024 to 13.6 million bpd in 2025.
* EIA projects a 73% increase in spot gas prices in 2025, boosting drilling activity after a 14% price drop in 2024.
* Gas output is expected to rise to 104.6 bcfd in 2025, up from 103.1 bcfd in 2024.