Active drilling rigs in the U.S. fell by 3 to 750, Baker Hughes reported on Friday in its latest weekly survey .
Drilling rigs targeting crude oil in the U.S. increased by 1 to 595, the most since March 2020, but gas rigs fell by 4 to 153, while two rigs remained classified as miscellaneous.
Rigs targeting oil in the Permian stayed unchanged at 348.
ETFs: ( NYSEARCA: USO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( USOI ), ( NRGU ), ( OILK ), ( OLEM )
Bank of America's commodities team previously forecast 900K bbl/day of lower-48 supply additions on ~100 horizontal rig additions throughout 2022; the oil rig count is now up by 81 in the first 22 weeks of the year.
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U.S. oil rig count adds one while gas rigs slide in Baker Hughes survey