Oil rig count falls for sixth straight week: Baker Hughes

The number of active oil rigs in the US declined for the sixth consecutive week, according to a report released Friday by Baker Hughes, signaling a potential reduction in future supply.

The report showed that the number of rigs fell by nine units to 442 during the week ending June 6.

Meanwhile, the natural gas rig count increased by five to 114.

This marks the first time since September 2023 that the oil rig count has declined for six consecutive weeks.

Baker Hughes noted that it had revised the classification of certain active rigs between oil and gas. The adjustment affected nine to 10 rigs in the Marcellus and Utica basins, effective April 4.

As a result, the total number of oil and gas rigs reported for all periods prior to this date remains unchanged, explaining discrepancies between today’s report and the figures released last week for the week ending May 30.