Bakers Hughes oil rig count falls 11 to 575

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Bakers Hughes oil rig count falls 11 to 575

The weekly Baker Hughes rig count shows a decline of -11 on the week:

• Oil rigs -11 to 575 Largest week decline since September 2021.
• Nat. Gas rigs unchanged at 141
• Total rigs -11 at 720

Last week, natural gas rigs tumbled -16 rigs. This week it is the oil rigs with a sharp one-week fall.

Looking back toward the beginning of the year, the rig count on January 13 showed:

• Total rigs:  775
• Oil rigs: 623
• Gas rigs:  150

Crude oil is trading near unchanged at $71.86. It is up $1.20 or 2.41%

The price of natural gas has moved lower since the Baker Hughes announcement. It was trading at $2.73, but it has fallen to $2.68 currently. That's down two cents on the day or -0.78%. For the week, crude oil is still up $0.32 or 13.5%

                This article was written by Greg Michalowski at www.forexlive.com.

Source: Bakers Hughes oil rig count falls 11 to 575

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