U.S. Rig Count Drops Another 5 Rigs, M-U Loses 1 More Rig

For the fourth week in a row and the 13th time in the last 14 weeks, the U.S. active rig count lost rigs. It's grueling. Last week the number decreased by five rigs after falling five rigs the week before--now down to 659 active rigs across both oil and gas. The Marcellus dropped one rig (in Pennsylvania) for a combined M-U rig count of 45--the lowest this year. Some 14 weeks ago, the M-U lost four rigs (going from 53 down to 49). Seven weeks ago, we lost another rig, down to 48. Last week we lost two more down to 46, and this week another. The trend is not our friend.

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