This week, and just like that, the rig cascade got underway. Hart Energy’s Unconventional Activity Tracker fell 49 units over the last week, or seven rigs per day.

Tight formation rig count is down 97 units since February 14, and 237 units versus last year. In fact, rig count fell to the lowest level since January 2017 and then it was on the way up after the 2016 collapse—that mobilization effort was one of the industry’s great achievements, especially so on the well stimulation side.

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