March 31 - U.S. energy firms this week cut the number of oil and natural gas rigs, with the quarterly count dropping for the first time since 2020, energy services firm Baker Hughes CoThe oil and gas rig count, an early indicator of future output, fell by three to 755 in the week to March 31. , ,
Despite this week's rig decline, Baker Hughes said the total count was still up 82 rigs, or 12%, over this time last year.For the month, the total oil and gas rig count rose two rigs, the first monthly increase since November. For the quarter, the total oil and gas rig count fell by 24 rigs, the first quarterly decline since the third quarter of 2020.
U.S. oil futures were down about 6% so far this year after gaining about 7% in 2022. U.S. gas futures , meanwhile, have plunged about 51% so far this year after rising about 20% last year.
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