Crash Continues – U.S. Rig Count Cuts 7 @ 623, M-U Loses 1 @ 38

Two weeks ago, the U.S. rig count erased a couple of weeks of anemic gains by dropping 11 rigs from the total, sinking to 630 active rigs, the lowest count since February of 2022 (see Dead Cat Bounce? U.S. Rig Count Cut 11 @ 630, M-U Stays Even @ 39). The active count in the Marcellus/Utica remained at 39 (for three weeks running) --- the lowest count in the M-U this year. Things got worse last week. The national rig count dropped *another* seven rigs, down to 623, and the M-U dropped one more rig (in the PA Marcellus), now down to 38 active rigs.

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