US Oil Rig Count Rises to Highest Since June, Baker Hughes says

U.S. energy firms this week cut the total number of rigs operating for a second week in a row, even as the number of oil rigs rose to the highest since June, energy services firm Baker Hughes said in its closely followed report on Friday. Let’s read more about US Oil Rig Count below.

The oil and gas rig count, an early indicator of future output, fell by two to 590 in the week to April 4.

aker Hughes said this week’s decline put the total rig count down 30 rigs, or 5% below this time last year.

Baker Hughes said oil rigs rose by five to 489 this week, their highest since June, while gas rigs fell by seven, the most in a week since May 2023, to 96, their lowest since September.

Conversely, the report highlighted a significant decline in the number of gas rigs, which fell by seven, marking the largest weekly decrease since May 2023 and bringing the total to 96. This figure represents the lowest level of operational gas rigs since September, raising concerns about the future of natural gas production amidst fluctuating market dynamics. Such a decrease may reflect a strategic pivot by companies in response to lower demand for natural gas or shifting market conditions, including competition from renewable energy sources and changing consumer preferences. As the energy landscape evolves, the implications of these shifts on pricing, supply, and broader economic factors will be critical for stakeholders across the industry.

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Source: yahoo!finance

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