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U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth 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.
The total oil and gas rig count, an early indicator of future output, fell by 3 to 746 in the week to March 10, the lowest since June. Despite this week’s rig decline, Baker Hughes said the total count was still up 83 rigs, or 13%, over this time last year.
U.S. oil rigs fell by 2 to 590 this week, also their lowest since June, while gas rigs also fell by 1 to 153.
Benchmark U.S. crude oil for April delivery rose 96 cents to $76.68 a barrel Friday. Brent crude for May delivery rose $1.19 to $82.78 a barrel.
Wholesale gasoline for April delivery rose 4 cents to $2.65 a gallon. April heating oil rose 10 cents to $2.77 a gallon. April natural gas fell 11 cents to $2.43 per 1,000 cubic feet.
The energy sector is showing strength this Friday morning.
Following three-consecutive sessions of declines, WTI and Brent crude oil futures are trading higher, reversing early morning losses following the release of U.S. jobs data. Oil prices turned positive as fresh labor data calmed worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. U.S. Fed Chair Jerome Powell previously warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was "transitory". Its next decision meeting is planned for March 21-22. The EU struck a deal to cut final energy consumption across the bloc by 11.7% by 2030, a goal lawmakers said would help fight climate change and curb Europe's use of Russian fossil fuels.
Natural gas futures are down in early trading, sliding to a two-week low on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected.
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