U.S. Rig Count Hits New 2023 Low – Loses 7 @ 618, M-U Adds 1 @ 40

The U.S. rig count changed course again last week, dropping rigs after adding rigs (albeit anemically) for the prior three weeks in a row. The national rig count lost seven rigs last week --- dropping to 618 active rigs --- not only the lowest rig total this year but the lowest count since February 2022. The count in the Marcellus/Utica gained one rig and now stands at 40 active rigs. However, the mix changed. PA lost two rigs, going from 22 to 20 last week. Ohio picked them up, going from 10 to 12 active rigs. And WV picked up one rig after losing it the week before. WV now stands at 8 active rigs.

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