BH U.S. Rig Count Down 11th Week in a Row @ 537; M-U Even @ 35

The Baker Hughes U.S. rig count has been hemorrhaging for 11 consecutive weeks. Last week, the U.S. rig count declined by another two rigs to its lowest level since October 2021, ending the week at 537 active rigs. You have to go back to the dark days of the pandemic, July 2020, for the previous 11+ consecutive weeks of decline in the rig count. The Marcellus/Utica stayed even (after falling by one two weeks ago) at a combined 35 active rigs. There were 23 rigs targeting the Marcellus and 12 rigs targeting the Utica last week.

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