In a shift reminiscent of the freefall that occurred earlier this year, the overall US drilling rig count plunged 29 units during the week ended Oct. 2 to a total of 809, the lowest since May 3, 2002, according to data from Baker Hughes Inc. The count has now fallen in 6 consecutive weeks, giving up 76 units during that time. The recent decline follows a small summer rebound in which the total climbed 28 units over a 9-week period from a nadir of 857 to a plateau of 885. The count is now down 1,113 units year-over-year and 1,122 units since a peak of 1,931 most recently touched on Sept. 26, 2014. Anchors aweigh for oil rigs Oil-directed rigs again made up a bulk of the downward shift, dropping 26 units to 614, down 977 year-over-year and 987 since a recent peak of 1,601 on Sept. 19, 2014. […]