Total active drilling rigs in the U.S. fell by another 9 to 711, the lowest count in a year, according to the latest data released Friday in Baker Hughes' weekly survey. The total rig count came in slightly below the year-earlier level for the second straight week; last week's count was the first time rigs were lower than the same time a year ago since April 2021. Drilling rigs targeting crude oil in the U.S. fell by 5 to 570, its lowest number since last May, and gas rigs dropped by 4 to 137, the lowest since March last year, while 4 rigs remained classified as miscellaneous. Total rigs targeting crude oil in the Permian Basin gained 1 to 347. For the month, the combined oil and gas rig count fell by 44, the biggest drop in three years.

Source: CNN May 26, 2023 18:40 UTC