Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 73, falling to 529, with the total oil and gas rigs clocking in at 483 fewer than this time last year. It is the largest single-week drop in five years. Over the last five weeks, oil and gas rigs combined have shed a total of 263 rigs. The number of oil rigs decreased for the week by 66 rigs, according to Baker Hughes data, bringing the total to 438—a 387-rig loss year over year. It is the fewest number of active oil rigs since October 2016. The total number of active gas rigs in the United States fell by 7 according to the report, to 89. This compares to 187 a year ago. The number of active rigs taken offline over the last five weeks highlights the growing […]