National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady

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We're in full crash mode with the Baker Hughes national rig count. After losing five rigs three weeks ago, and four more two weeks ago, the BH rig count lost another four rigs last week---13 rigs out of circulation in three weeks. The number of rigs nationally now stands at 576, the lowest since Dec. 2021 (over three years ago). The Marcellus/Utica rig count was a combined 34 last week—the same number for six weeks in a row. PA has operated 15 rigs for the past 11 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past eight weeks, and WV has operated 10 rigs for an astonishing 20 weeks in a row, going back to Sep. 13.

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