Hit Bottom? U.S. Rig Count Up 9 at 641, M-U Stays Even at 39

Have we finally turned a corner? Hit rock bottom and have begun a rebound? We are referring to the Baker Hughes U.S. rig count. Last Monday, we reported the weekly rig count had finally gained a rig--the first time since June (see U.S. Rig Count Adds One Rig, M-U Drops Another Rig). However, the Marcellus/Utica dropped another rig in that report from two weeks ago. Today's report (from Friday) shows the national rig count added a whopping nine rigs last week--now up to 641 active rigs. Although the M-U did not add any rigs last week, neither did we lose any, which prompts the observation that maybe, just maybe, we are seeing a turnaround in the rig count.

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