US oil and gas rig count falls to lowest since Dec 2021, Baker Hughes says
1. U.S. energy firms reduced oil and gas rigs for the third consecutive week. 2. Rig count reaches the lowest level since December 2021, impacting supply dynamics.
FAQ
Why Bearish?
A declining rig count suggests weaker future production, which may affect BKR's operations.
How important is it?
The decline in rigs impacts overall industry dynamics and could affect BKR's service demand.
Why Short Term?
The immediate reduction in rigs can lead to quick supply shocks in the market.