US rig count lowest since January 2022

The number of rigs drilling for crude oil and natural gas fell by two to 588 units last week, the lowest since January 2022, according to Baker Hughes.

The number of oil rigs fell by three to 485 – the lowest since January 2022. The natural gas rig count remained unchanged at 98. There were also five miscellaneous rigs in operation, one more than the previous week.

The total US oil and gas rig count was down by 94 rigs from a year earlier.

By Debarati Bhattacharjee

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