Ugly…U.S. Rig Count Drops Another 5 Rigs, M-U Drops 2 More Rigs

It's gettin' ugly out there. For the fifth week in a row and the 14th in the last 15 weeks, the U.S. active rig count lost rigs. Last week the number decreased by ANOTHER five rigs, after falling five rigs the week before, and five the week before that--now down to 654 active rigs across both oil and gas. Sadly, the Marcellus dropped two rigs last week for a combined M-U rig count of 43--the lowest this year. Some 15 weeks ago, the M-U lost four rigs (going from 53 down to 49). Eight weeks ago, we lost another rig, down to 48. Two weeks ago, we lost two more rigs, down to 46. Last week we lost one. And this week, two more rigs disappeared--both gone from Pennsylvania. The trend is not our friend. We wish we had better news.

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