oil & gas rig count falls to record low for 5th week -Baker Hughes
Scott DiSavino
June 5 (Reuters) - U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns.
The U.S. oil and gas rig count, an early indicator of future output, fell by 17, or 6%, to an all-time low of 284 in the week to June 5, according to data from energy services firm Baker Hughes Co going back to 1940. RIG-OL-USA-BHI RIG-OL-USA-BHI RIG-GS-USA-BHI
That was 691 rigs, or 71%, below this time last year and was the fifth week in a row the U.S. count fell to a fresh record low.
Going to be years to recover from this of at all.