The the number of active oil and gas rigs fell sharply in the United States this week according to Baker Hughes, the second large drop in as many weeks, keeping the overall rig count below year-ago for the second week in a row. The total number of active oil and gas drilling rigs in the United States fell by 21 according to the report, with the number of active oil rigs falling by 20 to reach 805 and the number of gas rigs falling by 1 to reach 186. The combined oil and gas rig count is now down year on year for the first time since the end of 2016, with oil seeing just a 20-rig decrease year on year and gas rigs down 9 since this time last year. At 10:41am EST, WTI was trading down $2.07 (-3.17%) at $63.17—down on the week despite the announcement earlier […]