May 2016, Vol. 243, No. 5

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U.S. Oil Rig Count Holds Fast, Breaks 8-Week Freefall Streak

The total U.S. rig count (both oil and gas) fell again this week from 406 to 404. While the U.S. oil rig count held fast at 318 as reported by Baker Hughes’ latest oil rig count, the U.S. gas rig count fell from 87 to 85. Last week, it was the number of U.S. oil rigs that had fallen, with U.S. gas rigs up by one. This time, it’s the other way around. In normal times, an unchanged oil rig count would be so-so news. But even though the total oil rig count was stable this week, it’s still about 50 percent of last year’s U.S. oil rig count, and an all-time low, at least since Baker Hughes has been keeping track. Some experts think this stabilizing activity means that oil may have finally

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