Today at 8:25 AM | Gas | Oil

US drilling activity slumps to three-year low as rig count extends decline for sixth straight week

US drilling activity slumps to three-year low as rig count extends decline for sixth straight week

Over the last seven days, American energy companies have further reduced their oil and natural gas drilling operations. This marks the sixth consecutive week of decreased fuel production capacity in the country. According to a report by Baker Hughes, the nation’s rig count has seen its longest sustained drop since September 2023.

As of June 6, the total number of active drilling rigs in the US slumped by four, reaching 559 and hitting the low for the first time since November 2021. The count of oil rigs dropped even more sharply, falling by nine to 442, as noted by the company. Meanwhile, the number of gas platforms increased by five to 114.

The most significant cuts were observed in key production areas, including the Permian Basin, eastern New Mexico, and the Eagle Ford shale field in South Texas. Utah also experienced a notable decrease, hitting its lowest rig count since February 2022.

Anton Volkov MarketCheese
Period: 30.06.2025 Expectation: 1800 pips
Silver to continue growth despite short-term correction
Today at 11:31 AM 3
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
1st in the segments "Metals" and "Oil and gas"
Gold sell
Period: 13.06.2025 Expectation: 4000 pips
Gold to fall to six-month trend line at 3,280
Today at 10:07 AM 25
Period: 20.06.2025 Expectation: 100 pips
Sell SPX until it hits 5,970
Today at 07:54 AM 16
Period: 20.06.2025 Expectation: 600 pips
AUDCAD declines on monetary policy divergence
06 June 2025 55
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
1st in the segments "Metals" and "Oil and gas"
Period: 13.06.2025 Expectation: 1500 pips
GBPUSD to continue updating 3-year highs
06 June 2025 86
Period: 18.06.2025 Expectation: 350 pips
Buying natural gas with target at 4.000 on expected increase in cooling demand
05 June 2025 99
Go to forecasts