USO - U.S. drilling rig count drops again; oil rigs fall by most since September 2021

2023-06-02 14:05:40 ET

Total active drilling rigs in the U.S. plunged by another 15 to 696, the lowest count since April last year, Baker Hughes reported Friday in its latest weekly survey .

The total rig count came in slightly below the year-earlier level for the third straight week; the count two week ago was the first time since April 2021 that rigs were lower than at the same time a year earlier.

Drilling rigs targeting crude oil accounted for the entire decline, falling by 15 to 555, its biggest drop since September 2021 and the lowest since April 2022, while gas rigs remained unchanged at 137 and 4 rigs are still classified as miscellaneous.

Total rigs targeting crude oil in the Permian Basin fell by 4 to 343.

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