US oil/gas rig count falls for 6th week to 2021 lows, Baker Hughes says

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future output, fell by four to 559 in the week to June 6, the lowest since November 2021.Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said.It said it has corrected oil and gas classifications for approximately eight to 10 rigs in the Marcellus and Utica basins, since April 4. Total reported rig counts for all historical periods remain unchanged.Total rig counts in the Permian in West Texas and eastern New Mexico, the Eagle Ford in South Texas and in the state of Texas all fell this week to their lowest levels since November 2021.In Utah, meanwhile, the rig count fell this week to its lowest since February 2022.The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024.That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021.Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025.On the gas side, the EIA projected an 88% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. [NGAS/POLL]The EIA projected gas output would rise to 104.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.(Reporting by Scott DiSavinoEditing by Marguerita Choy and Chizu Nomiyama)Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,000.36 +61.06 (+1.03%)Dow 3042,762.87 +443.13 (+1.05%)Nasdaq19,529.95 +231.50 (+1.20%)Russell 20002,132.25 +34.89 (+1.66%)VIX16.77 -1.71 (-9.25%)Gold3,331.00 -44.10 (-1.31%)PortfolioSign in to access your portfolioSign inTop gainersRXRX Recursion Pharmaceuticals, Inc. 5.49 +0.92 (+20.13%)MANU Manchester United plc 16.41 +2.60 (+18.83%)QXO QXO, Inc. 19.00 +2.25 (+13.43%)QBTS D-Wave Quantum Inc. 18.62 +2.15 (+13.05%)LMND Lemonade, Inc. 39.88 +4.12 (+11.52%)Top losersLULU lululemon athletica inc. 265.27 -65.51 (-19.80%)DOCU DocuSign, Inc. 75.28 -17.62 (-18.97%)BRZE Braze, Inc. 29.73 -6.37 (-17.65%)ORLA Orla Mining Ltd. 11.11 -1.24 (-10.04%)ABM ABM Industries Incorporated 46.61 -4.65 (-9.07%)Most activeAPLD Applied Digital Corporation 13.86 +1.09 (+8.54%)TSLA Tesla, Inc. 295.14 +10.44 (+3.67%)NVDA NVIDIA Corporation 141.72 +1.73 (+1.24%)LCID Lucid Group, Inc. 2.1500 +0.0200 (+0.94%)F Ford Motor Company 10.26 +0.16 (+1.58%)Earnings eventsTrending tickersBTC-USD Bitcoin USD 105,612.37 +1,090.48 (+1.04%)ETH-USD Ethereum USD 2,514.89 +41.43 (+1.67%)DG Dollar General Corporation 113.48 -0.36 (-0.32%)XRP-USD XRP USD 2.17 +0.01 (+0.36%)DOGE-USD Dogecoin USD 0.18 +0.00 (+2.10%)Top economic events