Dead Cat Bounce? U.S. Rig Count Cut 11 @ 630, M-U Stays Even @ 39

Two weeks ago, the U.S. rotary rig count rose nine after rising by one the week before that (see Hit Bottom? U.S. Rig Count Up 9 at 641, M-U Stays Even at 39). We're suggesting those two weeks of increases were, perhaps, the proverbial "dead cat bounce," meaning even a dead cat will bounce a little when hitting the ground after falling from a great height. Why our pessimism and sarcasm? Last week, the U.S. rig count erased all of those gains, dropping 11 rigs from the total, sinking to 630 active rigs --- the lowest count since February of 2022 (19 months). The active count in the Marcellus/Utica remained at 39 last week (for three weeks running), which is the lowest count in the M-U this year.

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