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US Oil Rig Count Tumbles Most In 2 Years
We warned just a week ago that the lag between initial price declines in oil and the closure of rigs was between 4 and 6 months and just as we warned of the deja-vu all over again, Banker Hughes reports that the Rig Count this week dropped the most since March 2013 (oil rigs dropped 29 to 1546 - biggest weekly drop in 2 years). The biggest drop was seen in the Permian Basin (down 20 to 548). Of course, it's being ignored for now, just as it was in 2008...
Worst weekly drop in rig count since March 2013...
With Oil Rigs down 3rd most in 5 years...
And as a reminder, what happened last time...
Unequivocally good...
Charts: Bloomberg
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The market is helping them understand their malinvestment.
Such a quaint, outdated notion in this age of central monetary planning.
Watch this accelerate when Brent breaks 59 by the end of the month if not next week.
As it should.
BHI is driving the pain train.
We rigged some folks
Bankrupt US oil, start a war with Russia. What could go wrong?
bhi also does "hole enlargement". we reamed some folks. ??
It's okay, RIG upped their dividend to $0.75
Trying to shake off the schatz.
OK, but remember, if you shake it more than twice you're playing with it.
shook to it 18%, no rise in the stock price though :-/
IPADS and Venues have come down in price/SARC
Amerikan Sheeple
Just as well you can't eat WTI.
Watch for resurgence in plastic rice and melamine formula.
Not directly anyway. Modern agriculture does it indirectly.
Are you saying even the rigs are rigged?
And award for Pun of the Day goes too....richiebaby. Well played sir.
However, NG rig count has kinda done the opposite.
Bulgaria Cut to Junk by S&P as Bank Weakness Strains Budget
http://www.bloomberg.com/news/2014-12-12/bulgaria-s-credit-rating-cut-to...
Would like to see Lafayette LA return to some type of normal
All the bitches walk around with noses in the air ..all the overpriced fucking housing from all the oil related businesses
New generations that were not here when Lafayette went to the shitter in the bust years ago....
All they seem to know is 500k homes shopping at River Ranch...whole foods...chic shopping ...the men with every fucking toy ...I swear it seems every fucker here has a big bus or huge 5th wheel trailers and the latest 4 wheel at that hits the market....new cars, trucks ...boats...you would think fuckers pumping oil out the kitchen faucet..
Men and women bunch of snotty bitches...rare I come across ' normal' attitudes...
I don't even bother holding doors for people anymore unless it's someone elderly. ...
Sucks as since being unemployed I tried to get on with the energy sector...if you ain't connected...know someone ..
Forget about it..there not hiring you...
Fuck that click shit...
Apparently hasn't changed much when I worked out of there in the 80's/90's with Marathon.
EDIT: was layed off with the bust. Marathon was a great company to work for until US Steel got a hold of them.
We stopped renting rigs from some folks.
And nearly 4x the peak rig count of 2008. JFClampett!
"Banker Hughes?" I guess Baker Hughes is controlled by the bankers, too.
Damned Ruskies better give in quick or we're toast! /s
There is no Russian equivalent of 'give in'
"They're dug in deeper than an Alabama tick"
Jessie Ventura...."Predator"
But the Experts on the tube say Bakken is profitable at 38
https://www.dmr.nd.gov/oilgas/stats/historicalbakkenoilstats.pdf
Does "profitable" mean less oil per day but 118 more wells?
I love $2. a gallon gas.
ZERO HEDGE YOU ARE A LIAR AND YOU ARE NOT RELEVANT.
Here:
Baker Hughes Announces November 2014 Rig Counts
HOUSTON, Dec. 5, 2014 /PRNewswire/ -- Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for November 2014 was 1,324, up 16 from the 1,308 counted in October 2014, and up 13 from the 1,311 counted in November 2013. The international offshore rig count for November 2014 was 341, up 15 from the 326 counted in October 2014, and up 25 from the 316 counted in November 2013.
The average U.S. rig count for November 2014 was 1,925, unchanged from the 1,925 counted in October 2014, and up 169 from the 1,756 counted in November 2013. The average Canadian rig count for November 2014 was 421, down 3 from the 424 counted in October 2014, and up 36 from the 385 counted in November 2013.
The worldwide rig count for November 2014 was 3,670, up 13 from the 3,657 counted in October 2014, and up 218 from the 3,452 counted in November 2013.
Hagen,
Trend is not destiny. We'll see if the 12/12 figures (not 12/5) show that.
Maybe it was a good thing I decided to nix going to commercial diving school.
Dropping oil prices add a new surprising new dimension to the stability of the world financial system. While often heralded as a godsend to the economy and the end consumer we must remember lower prices hurt both producers and those in the business of oil exploration, drilling, and sales.
The shale boom has been one of the bright spots in the economy in recent years and acted as a tailwind that accounted for much of America's growth. Expect this to come to an abrupt halt and with it thousands of jobs. The article below delves deeper into the economic damage lower oil prices can foster.
http://brucewilds.blogspot.com/2014/11/dropping-oil-prices-increase-risk-to.html