US energy companies cut the number of oil and natural gas rigs operating for a seventh week in a row this past week for the first time since July 2020, energy services firm Baker Hughes Co revealed in its report on Friday.
The rig count, which is considered an early indicator of future production, declined by eight to 687 in the week ending June 16, the lowest since April 2022, and down by 53 rigs, or 7%, year over year, Reuters reported.
Two shale regions each lost four rigs this week, with the rig count falling to 342 in the Permian oil basin in Texas and New Mexico, and now standing at 35 in the Marcellus gas basin in Pennsylvania, West Virginia and Ohio, according to Baker Hughes.
US oil futures have fallen about 11% so far this year after rising about 7% in 2022.
US gas futures, meanwhile, have dropped 41% year to date after surging about 20% last year.
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