US energy firms add rigs for eighth time in nine weeks, says Baker Hughes

U.S. energy firms added rigs for the eighth time in nine weeks, according to Baker Hughes' weekly report. The update is directionally supportive for upstream activity but contains no additional pricing, production, or earnings data. Market impact is likely limited unless the trend persists and translates into higher output expectations.

Analysis

U.S. energy firms added rigs for the eighth time in nine weeks, according to Baker Hughes' weekly report. The update is directionally supportive for upstream activity but contains no additional pricing, production, or earnings data. Market impact is likely limited unless the trend persists and translates into higher output expectations.