US oil and gas rig count drops for second month in a row

The number of rigs extracting crude oil and natural gas in the US has fallen for the ninth straight week - the longest streak since July 2020, Baker Hughes reported.

PHOTO: Oil field with pump jacks in the US. Getty Images

The oil and gas rig count dropped by eight units to 674 last week - the lowest total rig count since April last year.

The oil rig count fell by one unit to 545 last week, which was also the lowest since April last year. The gas rig count fell by six units to 124, lowest since February last year.

US oil and gas producers have slowed drilling activity in recent weeks as concerns about a looming recession in the country have dented demand and pulled prices lower. Brent crude prices fell for a record fourth-straight quarter after declining 6% in the three-months ended 30 June.

The total oil and gas rig count came down for the second consecutive month. The rigs fell by 37 units in June, after falling by 44 units in May.  

The total US rig count is down by 76 rigs, or 10%, from a year earlier.

By Debarati Bhattacharjee

Please get in touch with comments or additional info to news@engine.online