American oil and gas operators are tightening their belts again. Baker Hughes data shows U.S. drillers have slashed active rigs for the second consecutive time within just three weeks. This pullback signals shifting sentiment in the energy sector—rising costs, softer demand signals, or changing production forecasts are likely culprits. For market watchers tracking commodity cycles and macroeconomic headwinds, this drilling downturn reflects broader economic caution rippling through traditional energy markets.