Biggest weekly US gas rig increase in four years

The number of rigs extracting natural gas in the US rose by nine to 162 last week - the biggest weekly increase since December 2018, Baker Hughes has reported.

PHOTO: Oil field with pump jacks in the US. Getty Images

This can be a sign of a recovery in the gas market, especially as the Biden administration has been calling on producers to increase output.

The combined rig count for both oil and gas was up by eight on the week to 754, after declinging for four straight weeks. One oil rig was taken out of operation, bringing the total to 589.

The oil and gas rig count in the Permian Basin in Texas - the biggest US oilfield – rose by seven units to 350.

The total US oil and gas rig count was up by 91 rigs, or nearly 14%, from a year earlier.

By Debarati Bhattacharjee

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