US Natural Gas Rig Count Plummets to 5-Year Low.

The US oil and natural gas rig count fell to its lowest in nearly a year, with gas rigs slumping by the most in a week since February 2016, according to Baker Hughes. The drop in gas prices has already caused some exploration and production companies to announce plans to reduce production by cutting some gas rigs. Despite some plans to lower rig counts, US crude production was still on track to rise to a new record high of 12.5 million bpd in 2023 and 12.7 million bpd in 2024, according to projections from the US Energy Information Administration.