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This week, U.S. energy firms added oil and natural gas rigs for the first time in three weeks, Baker Hughes reported as the combined oil and gas rig count rose by one to 620 in the week to Jan. 19.
U.S. oil rigs fell by two to 497 this week, their lowest since mid-November, while gas rigs rose by three to 120.
The U.S. combined count is still 151 less than a year ago when the total of oil and gas rigs was 771. In the past year, the decline included 116 oil rigs and 36 gas rigs.
Oklahoma slipped by one to 42 rigs, still far below the 64 rigs reported a year ago.
The energy sector is experiencing a mixed to higher start supported by mild strength in the crude complex and in the major equity futures. U.S. stock index futures climbed, as chip and megacap stocks continued their ascent, while the ongoing corporate earnings season and hints on the timing of interest-rate cuts dominated investors' watch list.
WTI and Brent crude oil futures are trading near the flatline after two consecutive sessions of gains as Middle East tensions and oil output disruptions caused by cold weather in the U.S. balanced concerns about the health of the Chinese and global economies. Although the Middle East tensions have not shut down any oil production, supply outages continue in Libya and about 40% of oil output in North Dakota remained shut due to extreme cold.
Natural gas futures are extending their slide for the fourth-straight day as record demand and shut-in production due to freeze-offs is more than offset by seasonally warmer forecasts for the back third of January.
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