U.S. Rig Count Increases As Oil Rally Takes A Breather

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 to 378. The oil and gas rig count has risen for nine weeks in a row for a total gain of 68. The oil rig count increased by 2 this week, while the number of gas rigs increased by 3. The number of miscellaneous rigs was unchanged. Total oil and gas rigs in the United States are now 416 less than this time last year as we reach the one year mark since the coronavirus madness took hold. The EIA’s estimate for oil production in the United States…