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Bitcoin recovers modestly after US Nonfarm Payrolls
The United States Nonfarm Payrolls (NFP) data showed the US economy added 311,000 jobs in February, surpassing forecasts of a 205,000 gain. The month of February was expected to note a relatively lesser increase in the jobs report as compared to January.
The United States Baker Hughes US Oil Rig Count, released on April 23, 2021, stated that the total number of operational oil and gas rigs in the United States was 590, up 20 rigs from the previous week. This counts represents the highest active oil and gas rig count since March 27, 2015, when 609 rigs were operational.
The number of oil rigs, which had steadily declined since 2014, was up 10 during the week ending April 23, to a total of 504. The number of natural gas rigs was unchanged at 86, which was down from a peak of 1,609 in October 2008.
The increased rig count comes as oil demand has recovered from the historic lows seen in 2020 due to the COVID-19 pandemic. Crude oil prices have also increased from last year’s lows, providing a much needed boost for the oil and gas industry at a time when price pressures and a stalling global economy were putting the future of the industry in doubt.
The state of Texas led the way with the most rigs, at 306, followed by Oklahoma with 77 and New Mexico with 66. Colorado and North Dakota each had 38 rigs in operation during the same period. Meanwhile, the number of active rigs in Alaska dropped to 5 last week, which was the lowest level since 1998.
It is likely that the increased rig count will continue to rise in the coming weeks, as oil prices remain at elevated levels and demand slowly recovers. However, it should be noted that the rig count is still below the 609 rigs seen in March 2015, indicating that a full recovery for the oil and gas industry has yet to be seen.