U.S. drillers reduced active oil and gas rigs for a second consecutive week, according to Baker Hughes, signaling a cautious stance on future production growth and potentially tighter supply ahead. The pullback comes as Oil – US Crude and Natural Gas prices remain under pressure, suggesting operators are responding to weaker near-term returns rather than expanding output aggressively.
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Over the past month, Oil – US Crude has slipped about 0.38%, reflecting range-bound trading despite the gradual rig decline, while its 1-day technical outlook stands at Hold. Natural Gas has dropped roughly 10.22% in the same period, and its short-term technical picture points to continued downside pressure with a Sell signal, underscoring skepticism that reduced rigs will quickly rebalance the market. Investors can explore more updates, prices, and analysis across global markets at Commodities.