Ongoing Rig Count Disaster: U.S. Loses 4 @ 590, M-U Even @ 36

MDN told you the bottom had dropped out of the rig count two weeks ago (see Baker Hughes U.S. Rig Count Loses 6 @ 594, M-U Drops 2 @ 36). Last week, the drop continued to deepen. We call it free fallin'. The national combined oil and gas rig count dropped by another four to 590, the lowest it has been since January 2022. The Marcellus/Utica, after losing two rigs two weeks ago, maintained the same count last week. Pennsylvania continued to operate 21 rigs. Ohio remained steady with ten active rigs. And West Virginia kept five active rigs. One year ago this week, WV operated 12 active rigs. How the mighty have fallen.

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