Despite the deepest weekly decline in US energy firms’ oil and natural gas rig count since February, Baker Hughes pointed out that the total count was still up 43 rigs, 6% more compared to the same period last year, Reuters reported.

The oil and gas rig count, which represents an early indicator of future output, shows that U.S. oil futures were down about 11% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have declined by about 52% so far this year after rising about 20% last year.

This decline in the oil and gas rig count came as a result of the drop in gas prices. Also, Chesapeake Energy, EOG Resources, APA Corp said this week they could delay some well completions or ramp down drilling due to weak prices.