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US rig count slips for 7th straight week

Declining for the seventh consecutive week, the combined oil and natural gas rig count in the U.S. totaled 855 for the week ended Oct. 4, down five on the week and down 197 on the year, according to the latest Rotary Rig Count released by Baker Hughes a GE company.

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Oil-directed rigs came in at 710, down three for the week and 151 rigs lower than the corresponding week in 2018. Gas-directed rigs were pegged at 144, shedding two rigs for the weekly period and declining 45 rigs from the same week in 2018.

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More than half of the oil rigs in the U.S. are positioned in the Permian Basin with a total of 415, up one rig on the week and down from a peak of 493 recorded in November 2018.

A third of U.S. gas rigs are located in the Haynesville Shale while another third are in the Marcellus Shale. The total gas rig count of 49 in the Haynesville is down from a peak of 58 in April while the total of 48 in the Marcellus is down from a high of 68 in April.

Canadian rigs rose by 17 to 144 rigs for the week to Oct. 4 but are 38 rigs below the corresponding week in 2018.