🛢️ U.S. Oil Rig Count DROPS — Drilling Activity Cooling
New Baker Hughes data shows U.S. oil drilling continues to slow:
• 🇺🇸 Active U.S. oil rigs fell to 409 — down from 412 last week.
• That’s 71 fewer rigs year‑over‑year.
• Total rigs (oil + gas) are also trending lower, with around 544–542 total rigs reported in the latest counts.
📍 Permian Basin (the biggest U.S. oil region) also saw rig cuts, contributing to the overall slowdown in drilling activity.
📊 Why This Matters:
• Rig counts are a leading indicator of future oil production — fewer rigs typically signal slower supply growth ahead.
• A prolonged decline in drilling suggests producers are being cautious amid price pressure and global oversupply.
• Less drilling can eventually tighten supply and put upward pressure on oil prices if demand holds.
👀 Market Context:
Crude prices (WTI, Brent) have been muted recently despite supply news, as traders balance production trends, inventory levels, and macro forces.
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Quick Stats:
🛢️ U.S. Oil Rigs: ~409
📉 Weekly Change: −3 rigs
📉 Yearly Change: −71 rigs
📌 Total U.S. Rigs (all types): ~544–542
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