After consecutive weeks of single-digit declines, the US oil and gas rig count may have essentially reached its long-awaited bottom. The US oil and gas rig count fell by six to 285 for the week ending July 1, Enverus data shows, following a one-rig decline the week prior. Upstream operators shed four oil rigs week on week, leaving 191, and lost two gas rigs, leaving 94. From here on, some “minor” fluctuations in rig counts may occur, what analysts call “noise,” but large weekly changes are not expected, said analyst Matt Andre of S&P Global Platts Analytics. “We’re going to see some slight up-and-down movements, but we’re really close to a […]