Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 664, with the total oil and gas rigs clocking in at 361 fewer than this time last year. It is the largest single-week drop since March 2015. It is the fewest number of active rigs since January 2017. The number of oil rigs decreased for the week, by 62 rigs, according to Baker Hughes data, bringing the total to 562 – a 269-rig loss year over year. The total number of active gas rigs in the United States fell by 2 according to the report, to 100. This compares to 194 a year ago. Despite the sharp drop off in rigs, the EIA’s estimate is that the United States still produced 13 million barrels of oil per day on average this week, just 100,000 bpd off the […]