Active Rig Count - Down again

[dan_s]

The total U.S. rig count fell by 5 to 1,047 following last week's decrease of 7, according to Baker Hughes' latest weekly survey.
The active oil rig count fell by 4 to 858, its second straight decline, and gas rigs slipped 1 to 187; two rigs were classified as miscellaneous.
While totals are slipping, the numbers remain well above a year ago at this time, when the total U.S. rig count was 940 and oil rigs were 756; gas rigs totaled 184 a year ago.

The market tends to over-react to this report. Single digit moves up or down have almost no impact on oil supply.