Active Rig count continues to fall

[dan_s]

On Friday, October 13 Baker Hughes reported that U.S. drilling activity declines again
The total number of rigs active in the U.S. dropped by eight, meaning there are now 928 rigs operational. Six land-based rigs shut down, while two offshore rigs came offline. There are now 907 land, one inland waters and 20 offshore rigs operating. Five oil-targeting rigs came offline, while two gas-targeting rigs shut down.

Drilling programs are set through year-end, so even if WTI oil prices spiked the active rig count will probably continue to drift lower. Most upstream companies set there capital programs for the next year in November.