U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the fourth week in a row, energy services firm Baker Hughes said in its closely followed report on Jan. 3.
The oil and gas rig count, an early indicator of future output, stayed at 589 in the week to Jan. 3.
Baker Hughes said that puts the total rig count down 32 rigs, or 5% below this time last year.
Baker Hughes said oil rigs were down one rig to 482 this week, while gas rigs rose by one to 103.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower oil and gas prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns rather than raising output.
Recommended Reading
US NatGas Prices Hit 23-Month High on Increased LNG Feedgas, Heating Demand
2024-12-24 - U.S. natural gas futures hit a 23-month high on Dec. 24 in thin pre-holiday trading.
US NatGas Prices Retreat From 2-Year Peak on Forecasts of Less Cold
2024-12-26 - U.S. natural gas futures fell more than 5% on Dec. 26 from a near two-year high in holiday-thinned trade.
Analysts: Trump’s Policies Could Bring LNG ‘Golden Era’ or Glut
2024-11-27 - Rystad warns that too many new LNG facilities could spell a glut for export markets.
Bernstein Expects $5/Mcf Through 2026 in ‘Coming US Gas Super-Cycle’
2025-01-16 - Bernstein Research’s team expects U.S. gas demand will grow from some 120 Bcf/d currently to 150 Bcf/d into 2030 as new AI data centers and LNG export trains come online.
European NatGas Prices Drop Despite Norwegian Outage
2025-01-09 - The European continent continues to pull in U.S. LNG, offsetting Norway’s Hammerfest LNG outage.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.