U.S. energy companies added two oil rigs in the week ending Oct.26, bringing the total count to 875, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

The natural gas rig count declined by one rig to 193 for the week, compared to 172 rigs a year earlier.

 

The U.S. rig count, an early indicator of future output, is higher than a year ago when 737 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.

 

US oil & gas rigs

Rigs

A year ago

Previous week

Week ending Oct. 26

Week-on-week change

YoY

Oil

737

873

875

+2

138+

Gas

172

194

193

(1)

21+

Oil & Gas

909

1067

1068

+1

159+

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