U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
"That squeeze in the margin is really keeping U.S. E&Ps from moving forward in a significant way" despite the OPEC moves, McDonald said.by the Organization of Petroleum Exporting Countries, Saudi Arabia and Russia, U.S. oil futures were down about 12% so far this year after gaining about 7% in 2022.
U.S. gas futures , meanwhile, have plunged about 49% so far this year after rising about 20% last year. "The recent sharp drop in the rig count is consistent with our expectation that producers will continue to respond to low gas prices by cutting investment," analysts at Goldman Sachs, a bank, said in a note this week.was still on track to rise from 11.9 million barrels per day in 2022 to 12.6 million bpd in 2023 and 12.8 million bpd in 2024, according to projections from the U.S. Energy Information Administration in June. That compares with a record 12.3 million bpd in 2019.
U.S. gas production, meanwhile, was on track to rise from a record 98.13 billion cubic feet per day in 2022 to 102.74 bcfd in 2023 and 103.04 bcfd in 2024, according to EIA's projection.
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