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(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by six to 669 in the week to July 21, the lowest since March 2022. That was also the 11th time in the last 12 weeks that drillers cut rigs.
U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131.
Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. That is the lowest in both basins since April 2022.
The energy sector is off to a broadly higher start, supported by strength in the crude complex and in the major equity futures. U.S. stock index futures crept higher, setting the Dow on track for its tenth straight day of gains, while mega-cap growth and technology stocks recovered after sharp losses in the previous session. As earnings season continues to heat up, SLB beat analysts' estimates for quarterly profit as a rebound in offshore and international drilling activity boosted demand for its oilfield services and equipment, even as activity in North America declined.
WTI and Brent crude oil futures are trading higher for the second-consecutive session buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China.
Natural gas futures are down in early trading, retreating from a 6% jump during the previous session as the NOAA's 6-10 day outlook shows a warming trend across the Midwest, Northeast, and Mid-Atlantic next week, with above-normal temps expected across most of the US, especially over the central Great Plains and Middle MS Valley.
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