Anchored by a 10-unit drop in oil-directed rigs, the US drilling rig count lost 8 units to settle at 787 rigs working during the week ended Oct. 16, according to data from Baker Hughes Inc. The overall count—at its new lowest level since May 3, 2002—has now fallen in 8 consecutive weeks, losing 98 units during that time. Compared with this week a year ago, a total of 1,131 units has gone offline. In its Oil Market Report for October, the International Energy Agency noted that US producers have pulled an increasing number of oil-directed rigs out of service since the brief recovery in active rigs over July and August ( OGJ Online, Oct. 13, 2015 ). “The sector could be tested further in October as banks reevaluate credit lines that are crucial to operators with little or negative free cash flow,” IEA explained. “For the time being, it […]