Baker Hughes: U.S. oil & gas rigs fall by most in a month since 2020

Southern Energy Conference

Energy services firm Baker Hughes Co. says that the U.S. oil and gas rig count fell by 44 this month, the biggest drop in three years, reports Reuters.

The oil and gas rig count, an early indicator of future output, fell by nine to 711 in the week to May 26, the lowest since May 2022.

That puts the total rig count down by 16, or 2%, below this time last year. Read more.