Commodities
US Rig Count Drops to 17-Month Low in Sign of Shale Slowdown
- The number has declined in nine of the past 10 weeks
- Producers drop rigs, citing efficiencies, amid supply scrutiny
Rig hands move a drill pipe in a natural gas well in the Eagle Ford shale in Karnes County, Texas.
Photographer: Eddie Seal/Bloomberg
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Here’s the latest sign of the slowdown in the US shale patch: Oil drilling has collapsed to the lowest level in more than a year.
The number of oil rigs operating in the US dropped by five in the past week to 520, the lowest since March 2022 and about 14% below this time last year, according to data released Friday by Baker Hughes Co. It was the ninth decline in 10 weeks.