U.S. energy companies cut two oil rigs in the week ending Oct.5, bringing the total count to 861, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

The natural gas rig count remained unchanged at 189 for the week, compared to 187 rigs a year earlier.

 

The U.S. rig count, an early indicator of future output, is higher than a year ago when 748 rigs were active when energy companies ramped up production amid higher prices. Since June, however, the number of rigs has stalled in the 860s.

 

US oil & gas rigs

Rigs

A year ago

Previous week

Week ending Oct. 5

Week-on-week change

YoY

Oil

750

863

861

(2)

111+

Gas

189

189

189

0

0

Oil & Gas

939

1052

1050

(2)

111+

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