Baker Hughes this week reported yet another increase in the U.S. oil and gas rig count, with 5 more rigs coming online. The previous two weeks have seen increases of 16 and 13 rigs respectively, bringing the total number of active rigs to 658. The U.S. is now just 40 rigs below the count this time last year as North-American E&P companies are reacting on the OPEC agreement which has already bumped up oil prices to 18-month highs. More specific, Baker Hughes sees the U.S. oil rig count increasing by just two rigs while the gas rig count added 3 rigs amid rapidly rising natural gas prices. The Permian basin counted 2 more oil rigs this week while the Eagle Ford added one rig. The U.S. rig count is poised to grow further as the last credit redetermination period showed that the industry has already passed an inflection point, […]