BHI: US rig count drops 22 units in 20th straight week of losses
Gas and News toay
The US drilling rig count fell 22 units to 932 rigs working during the week ended Apr. 24, marking the 20th consecutive week of declines, according to data from Baker Hughes Inc.
The count has now plunged 988 units since the week ended Dec. 5 (OGJ Online, Dec. 5, 2014). The total of 932 is the lowest since July 17, 2009, and 929 fewer units compared with this week a year ago.
Analysts at Raymond James & Associates Inc., however, have predicted an impending trough in the count as well permitting activity picks up (OGJ Online, Apr. 17, 2015). “All things considered, we believe that we are close to a bottom in the rig count, which is likely to be seen in the next couple of months,” they said earlier this week in an energy update.
RJA tracks the issuance of well permits as a leading indicat
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