In its weekly release, Baker Hughes (BKR) reports that its count of oil and gas rigs has decreased in three of the prior six weeks.
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U.S. energy firms this week cut the number of natural gas rigs operating to the lowest level since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22. Baker Hughes said that puts the total rig count down 134, or 18%, below this time last year.