The Baker Hughes U.S. rig count was down 11 this week to 894. Oil rigs were down 11 to 668, gas rigs were down one to 221 and miscellaneous rigs were up one to five. Eleven rigs is the smallest weekly decline in oil rig count in the past 22 consecutive months of declines. Is this an inflection point? Might there be a bottom nearby?
By type, horizontal rigs were down seven to 692, vertical rigs were up one to 114 and directional rigs were down five to 88. Among gas rigs, horizontal rigs were up one to 170, directional rigs were down two to 36 and vertical rigs were unchanged at 15.