US Oil, Gas Rigs Drop Second Week to 543 Amid Price Plunge

U.S. oil and gas rig counts fell for a second straight week to 543 total rigs—the lowest since late March—per Baker Hughes data for the week ending April 17, down 42 (7%) year-over-year. Oil rigs slipped to 410 (down 1 weekly, 63 y/y), gas rigs to 125 (down 2), reflecting reduced upstream activity amid plunging prices—WTI at $83.24 after Strait of Hormuz reopened. EIA output held at 13.596 million bpd; Permian rigs steady at 242, Eagle Ford down to 42. Producers prioritize shareholder returns with ~1% capex cuts planned for 2026, suggesting slower supply growth for long-term price support but near-term weakness.