US drillers cut 15 oil rigs in week ending Feb. 1: Baker Hughes

U.S. energy companies cut 15 oil rigs in the week ending Feb. 1, bringing the total count to 847, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count increased by one rig to 198 rigs for the week, compared to 181 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 765 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.