Baker Hughes reported last week that the number of drilling rigs active in the US fell by 11 to 720.
Down 8 rigs YoY
The newest version of the
First annual decline since April 2020
First, we ask a simple question - why are rigs down almost 10% since the February highs?
Will Oil & Gas Extraction Industry Jobs start to decline in the future?
The drop in the number rigs this week was attributed entirely to the oil rigs. They fell 11 to 575
Gas rigs remain at 141. The number of miscellaneous rigs has remained the same, at 4.
The drop in oil rigs
US crude production may be on the decline
All things being equal, it should imply higher prices, but for now, it does not.