The U.S. oil and gas rig count reached its highest level since April, climbing 12 rigs to 442 in the week ended Jan. 27, according to Enverus data.
The double-digit jump is likely indicative of a changing mindset stemming from higher oil prices, according to Hellenic Shipping News Worldwide.
Although operators are starting to see mid-$50 per barrel oil prices in 2021, oil prices were slightly lower. WTI prices averaged $52.71/b, down 33 cents, while WTI Midland averaged $53.63/b, down 28 cents, and the Bakken Composite price averaged $49.68/b, down 42 cents.
Natural gas prices were also slightly weaker, with Henry Hub averaging $2.55/MMBtu and Dominion South averaging $2.25/MMBtu, both down 8 cents.
Learn more: Hellenic Shipping News Worldwide > US oil, gas rig count jumps 12 to 442; highest since April 2020: Enverus
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