The U.S. oil and natural gas rig count fell this week to its lowest in nearly a year, as gas rigs slumped by the most in a week since February 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday.
May 12 - The U.S. oil and natural gas rig count fell this week to its lowest in nearly a year, as gas rigs slumped by the most in a week since February 2016, energy services firm Baker Hughes CoU.S. natural gas futures jumped over 5% shortly after Baker Hughes issued the report on expectations the rig count reduction would cut output later this year.
The oil and gas rig count, an early indicator of future output, fell by 17 to 731 in the week to May 12, the lowest since June 2022. The weekly drop was the biggest since June 2020. , , Baker Hughes said that leaves the total rig count up by just 17, or 2%, over this time last year. At the end of 2022, the rig count was 193 rigs over the prior year.
U.S. oil rigs fell by two to 586 this week, their lowest since June 2022, while gas rigs plunged by 16 to 141, their lowest April last year. U.S. oil futures were down about 13% so far this year after gaining about 7% in 2022. U.S. gas futures , meanwhile, have plunged about 49% so far this year after rising about 20% last year.
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