The number of available rigs continues to fall, perhaps easing some of the downward pressure on driller day rates, according to RigData’s RADAR Report. This proprietary metric tracks the difference between working rigs (active rigs plus those units rigging up or moving onto location) and marketed rigs. As this number shrinks, it points to lessened competition among drillers, thereby providing support for day rates. More specifically, if the ratio of available rigs to marketed rigs decreases below about 25% nationwide, prospects for day rate gains improve. Above that level, day rates tend to weaken. The total number of available rigs fell from 468 two weeks ago to 420 in mid-July, led by the Permian Basin and Midcontinent regions. The available rig ratio dipped correspondingly, from 37% to 32%. That reflects the actual results in day rates, as recorded by the RADAR Report’s sister publication, The Day Rate Report, in which the June average day rate saw its smallest sequential decline of the year to date.