U.S. Oil Rig Count Falls by 4 to 479 -- Market Talk

Dow Jones

May 03

1327 ET - The number of rigs drilling for oil in the U.S. fell by four this week to 479 and was down by 20 from a year ago, oil services company Baker Hughes reports. As crude prices toy with multi-year lows on concerns about rising OPEC+ production, there's a risk the rig count could start to fall more sharply "based on history when WTI prices edge close to US$50 a barrel or below," analysts at Citi Research say in a note, citing declines seen in 2015-2016 and in 2020 during the early phase of Covid. "This is also the reason we think that, if there is a significant decline in oil prices in the coming weeks or months, a price recovery could take place later into 2026," they add. Rigs directed at natural gas rose by 2 this week to 101, down by one from a year ago. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

May 02, 2025 13:27 ET (17:27 GMT)

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As crude prices toy with multi-year lows on concerns about rising OPEC+ production, there's a risk the rig count could start to fall more sharply \"based on history when WTI prices edge close to US$50 a barrel or below,\" analysts at Citi Research say in a note, citing declines seen in 2015-2016 and in 2020 during the early phase of Covid. \"This is also the reason we think that, if there is a significant decline in oil prices in the coming weeks or months, a price recovery could take place later into 2026,\" they add. Rigs directed at natural gas rose by 2 this week to 101, down by one from a year ago. 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As crude prices toy with multi-year lows on concerns about rising OPEC+ production, there's a risk the rig count could start to fall more sharply \"based on history when WTI prices edge close to US$50 a barrel or below,\" analysts at Citi Research say in a note, citing declines seen in 2015-2016 and in 2020 during the early phase of Covid. \"This is also the reason we think that, if there is a significant decline in oil prices in the coming weeks or months, a price recovery could take place later into 2026,\" they add. Rigs directed at natural gas rose by 2 this week to 101, down by one from a year ago. 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As crude prices toy with multi-year lows on concerns about rising OPEC+ production, there's a risk the rig count could start to fall more sharply \"based on history when WTI prices edge close to US$50 a barrel or below,\" analysts at Citi Research say in a note, citing declines seen in 2015-2016 and in 2020 during the early phase of Covid. \"This is also the reason we think that, if there is a significant decline in oil prices in the coming weeks or months, a price recovery could take place later into 2026,\" they add. Rigs directed at natural gas rose by 2 this week to 101, down by one from a year ago. 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As crude prices toy with multi-year lows on concerns about rising OPEC+ production, there's a risk the rig count could start to fall more sharply \"based on history when WTI prices edge close to US$50 a barrel or below,\" analysts at Citi Research say in a note, citing declines seen in 2015-2016 and in 2020 during the early phase of Covid. \"This is also the reason we think that, if there is a significant decline in oil prices in the coming weeks or months, a price recovery could take place later into 2026,\" they add. Rigs directed at natural gas rose by 2 this week to 101, down by one from a year ago. (anthony.harrup@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  May 02, 2025 13:27 ET (17:27 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}