US OIL AND GAS RIG COUNT FALLS TO LOWEST SINCE JANUARY 2022

U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by six to 594 in the week to June 7, decreasing for the second time in three weeks. , ,

Baker Hughes said that puts the total rig count down 101, or 15% below this time last year. Baker Hughes said oil rigs fell four to 492 this week, also their lowest since January 2022, while gas rigs dropped by two to 98, their lowest since October 2021. In West Virginia, drillers cut one rig, leaving just five units active, the lowest since August 2020. In the Marcellus Shale in Pennsylvania, West Virginia and Ohio, the nation's biggest gas-producing basin, the rig count fell by two to 25, the lowest since December 2020.

Learn More