Rig count is down again but decline rate seems to be slowing.

According to Enervus, the rig count in the U.S. is down 21% in the last month. As of June 10, the count is and down 68% since this time last year. Anadarko Basin rigs declined 6% and 8% in the Appalachia Basin but the decline rates have started to slow. The D-J Basin actually added two rigs in the last month, but activity remains low at seven.

According to James Williams of WTRG Economics in Arkansas, “Rig activity may continue to decline for a few weeks but the recent recovery in oil prices if sustained should lead to a reversal near the end of the month.” He also noted that gas drilling may start to recover before oil.

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