The weekly Baker Hughes rig count shows a decline of -11 on the week:
- Oil rigs -11 to 575 Largest week decline since September 2021.
- Nat. Gas rigs unchanged at 141
- Total rigs -11 at 720
Last week, natural gas rigs tumbled -16 rigs. This week it is the oil rigs with a sharp one-week fall.
Looking back toward the beginning of the year, the rig count on January 13 showed:
- Total rigs: 775
- Oil rigs: 623
- Gas rigs: 150
Crude oil is trading near unchanged at $71.86. It is up $1.20 or 2.41%
The price of natural gas has moved lower since the Baker Hughes announcement. It was trading at $2.73, but it has fallen to $2.68 currently. That's down two cents on the day or -0.78%. For the week, crude oil is still up $0.32 or 13.5%
