US drillers cut oil and gas rigs for second week in a row, Baker Hughes says

U.S. energy firms reduced the number of oil and natural gas rigs operating for a second consecutive week, the first back-to-back decline since mid-January, according to Baker Hughes. The move signals a modest pullback in U.S. drilling activity that could slightly constrain near-term supply if sustained, but on its own is unlikely to materially move energy prices absent a larger trend.

Analysis

U.S. energy firms reduced the number of oil and natural gas rigs operating for a second consecutive week, the first back-to-back decline since mid-January, according to Baker Hughes. The move signals a modest pullback in U.S. drilling activity that could slightly constrain near-term supply if sustained, but on its own is unlikely to materially move energy prices absent a larger trend.