U.S. Rig Count Small Increase – Adds 2 @ 618, M-U Loses 1 @ 39

Another dead cat bounce in the rig count (i.e., the slight bounce a dead cat makes when it hits the ground). The "dead" rig count hit a new low two weeks ago (see U.S. Rig Count Hits New 2023 Low – Loses 2 @ 616, M-U Even @ 40). Last week, the count increased by a measly two rigs from the new modern low from 616 to 618. However, the Marcellus/Utica count was not so lucky. We decreased by one rig (in Ohio) back down to 39, just one above the current recent low for 2023, and 14 below the high of 53 hit in late April and early May of this year.

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