The number of active oil and gas rigs in the United States took a steep dive this week, dipping 15 rigs —the third straight weekly loss. The total oil and gas rig count in the United States now stands at 913 rigs, up 360 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and the number of natural gas rigs decreasing by 8. The oil rig count now stands 293 above the count one year ago, shedding a total of 32 oil rigs in the last ten weeks. Natural gas rigs have fallen four rigs in the last 10 weeks, but the trendline for both types of rigs is distinctly downward. (Click to enlarge) The spot price for WTI fell on Friday despite the disturbance in Iraq over the Kurdish referendum that sparked controversy over oil production and […]