U.S. Monthly Oil Rig Count Rises for First Time Since November – Baker Hughes

The oil and gas rig count, an early indicator of future output, rose one to 625 in the week to Oct. 27.

U.S. oil rigs rose by two to 504 this week, while gas rigs by fell by one to 117.

For the month, drillers added two rigs, putting the total oil and gas count up for the first time since March.

In October, the oil rig count rose by two in its first monthly increase since November, while the number of gas rigs increased by one for a second month in a row.

U.S. oil futures were up about 6% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have plunged about 28% so far this year after rising about 20% last year.

(Reporting by Scott DiSavino Editing by Marguerita Choy)