US drillers cut 21 oil rigs in week ending Jan. 18: Baker Hughes

U.S. energy companies cut 21 oil rigs in the week ending Jan. 18, bringing the total count to 852, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count decreased by four rigs to 198 rigs for the week, compared to 189 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 747 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.