The number of active oil and natural gas drilling rigs in the United States rose by two this week and 267, or 54%, in the past year, an increase that comes even as oil demand — and, by extension, gas prices — has abated slightly since last month.

U.S. energy firms cut the most oil and natural gas rigs in a week since February, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by seven to 748 in the week to May 5.

The oil and gas rig count, an early indicator of future output, fell by 5 to 682 in the week to June 23, the lowest since April 2022. Baker Hughes said that puts the total rig count down 71 rigs, or 9%, over this time last year.

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