US drillers add 2 oil rigs in week ending Nov. 16: Baker Hughes

U.S. energy companies added 2 oil rigs in the week ending Nov. 16, bringing the total count to 888, 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 194 rigs for the week, compared to 177 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 738 rigs were active because energy companies have spent more this year to ramp up production to capture prices that are higher in 2018 than 2017.