US gas rig count drops to lowest level since October 2021

The number of rigs drilling for crude oil and natural gas fell by four to 600 units last week, the lowest since January 2022, according to Baker Hughes.

The number of oil rigs remained unchanged at 497, while the natural gas rig count dropped by four units to 99, the lowest since October 2021. There were also four miscellaneous rigs in operation, the same as in the previous week.

The total US oil and gas rig count was down by 111, or 16%, from a year earlier.

By Debarati Bhattacharjee

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