The US oil and gas rig count dropped by eight week on week Thursday to 1,090, resuming a five-month general downward trend even as oil prices remained in the low $60s/b, according to S&P Global Platts Analytics. Oil rigs dropped by 10 to 867, while gas-directed rigs rose by one to 220. Rigs not classified as either oil or gas also declined. Since mid-November, the US rig count has gradually declined, falling by 143 rigs from its recent peak of 1,233 as capital budgets inched down in the wake of oil price uncertainty and promises by oil companies to return more cash to shareholders. WTI NYMEX oil prices reached around $75/b briefly in early October 2018 before they too began sifting down. By year-end they had briefly reached around $45/b before they began rising. This […]