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Commodities Buzz: US Rig Count Hits One Year High
10-May-21   11:31 Hrs IST

The US energy sector added oil and natural gas rigs for a second week in a row. The oil and gas rig count rose by 8 to 448 in the week to May 7, its highest since April 2020, energy services firm Baker Hughes said on Friday. The count is now up by 74 rigs or 20% on the year. The rig count in the Permian basin increased by 5 this week. At 229 rigs, the Permian's total rig count is now 31 rigs above what it was this time last year. US oil rigs rose two to 344 this week, while gas rigs added 7 to 103 - hitting the highest since March 2020.

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