The weekly Bakers Hughes Rig count shows:
- Oil rigs -2 to 497
- Natural gas +3 to 120
- Total Rigs +1 to 620.
Crude oil prices are trading down -$0.77 or -1.04% at $73.19
Looking back in time to January 2023, the oil rigs were at 623 (vs 497 today), the gas rigs at 150 (vs 120 today) and total rigs at 775 (versus 620 today).
Although much lower, oil production in the US was at record levels in 2023 which says its not about quantity but quality.
were