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US Rig Count Crashes At Fastest Pace Since 2009 To 14-Month Lows
Just as T.Boone Pickens warned, US Rig Counts are plunging. Down by 61 this week alone - the biggest weekly drop in over 5 years - at 1,750, this is now the lowest since November 2013 (and very close the lowest since 2010). The 10% or so plunge in the last 7 weeks is following the same trajectory as the 2008 collapse - which led to - just as Pickens suggested - a 50% crash in rig counts...
Pickens... "demand is down" - "lower demand is the main driver" - "rig count is gonna fall - drop 500 rigs in next 6-9 months"
This the first rig count drop year-over-year in a year...
Charts: Bloomberg
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The real question at hand: once energy stocks finally re-connect w/WTI...what to buy?
"...a 50% crash in rig counts..."
That must mean half of the markets are no longer "rigged".
This isn't a rig crash yet but it'll come a time when the count is below 500 and fingers will be pointed at everyone but the guilty.
Every time you hear a rig crash an earth angel gets his/her wings.
RIG and SDRL, they are both 4 baggers in the next 2 years.
CRT
VOC
PWE (Could double - Could go bankrupt).
some folks gonna be unemployed !
Oil to zero
Rigs to zero
Rigs to zero is oil to 500 dollars, poor people in America will turn into homeless people in America, middleclass will turn into homeless people and there will be panick and murders allover the country.
People still don’t realize what fhe implications would be. Starvation, murders, lootings and gans who would take over.
Now oild with this rig count needs to be at 120, if it goes lower, we’ll go to 200, lower than the 2009 count and all bets are off.
Having a gun wouldn’t protect your ass at all. You’d probably be one of the first to die.
So do you think this is in the cards??
Yep, what we’re seeing is the destruction of the supply lines of oil in the west.once they’re broken up, it will take years to restart if they ever get funding again.the closer we get to 35 dollar oil, the closer we get to 200 or 300 oil.when a oilfield goes bankrupt, the debts stay with the field for a long time as the creditors wait it out.So if they e er want to restart they’ll need twice the funding!What almost everybody here is thinking is that when the price goes down demand will keep slowing and keep their gastank cheap.But it won’t... at all.... we’ll see way higher oil prices soon enough with way higher food and water prices, way higher.The fed wants i flation? Well, it seems that this is how they create it, by putting a bomb under profitable income. People should worry, worry a lot! America should be stocking up on oil like China is doing. Asap!
are you stoned, drunk? Your post doesn't make sense, oilfields don't go bankrupt and pipelines keep flowing oil no matter who is bankrupt or otherwise. If the oil quits flowing you and the rest of the ZHers are fucked.
Hmmm. In that situation, you're correct. Having A gun won't help.
HOWEVER, having a FUCKING ARSENAL of the finest assault rifles the U.S. and Russia have produced, along with tens of thousand of rounds of ammo and a defensible position WILL.
It's amazing what having an arsenal will solve.
T. Boone Pickens said rig count, bitchez.
2015 is going to be exciting compared to the last 5 years of rhetoric. The lies are bleeding out.
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going much much lower if oil stays at these prices
Shell lay offs in Alberta... It begins...
Calgary RE is about to hit an air pocket.
Canadian GDP...
Maybe Canadians will remember how NWO-ZWO Harper was incredibly nasty and childish to Putin. Harper the lackey was all for this.
Falling oil prices are taking their toll on American energy companies. On Sunday, Texas shale oil company, WBH Energy, filed for bankruptcy in Austin, Texas, the first American shale oil company to do so, but probably not the last.
http://www.globaldeflationnews.com/shale-oil-companies-on-the-ropes-firs...
OIL's future..
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
Its on like Donkey Kong, i thought 2016 was the year when the whole thing explodes but i sense i am being optimistic.
More than 10,000 people working at Mexican oil service companies were laid off this week as state-owned Petroleos Mexicanos cut contracts in the face of the global slump in crude prices. More job losses are expected.
Viva Mexico!!
http://www.bloomberg.com/news/2015-01-08/mexico-cuts-10-000-oil-service-...
Result: 10,000 more Mexicans headed north...
Viva 'Merica!!! <self edit> At least they'll be able to get a college edumacation. Nothing funnier than seeing 5,000 illegal Mexicans lined up to get a free education from Malcolm X College in Chicago.
Hope those shut-in rigs aren't securing any loans. /s
Wells get shut in, rigs get stacked until a new well needs to be drilled and who knows, some rigs may be owned with a mortgage, so what?
Now who's the mo mo monkey?
If equities refuse to correct....its the end of the world!
if oil drops a dollar....horrible news! We're doomed!
This is All
RANK SPECULATION.
Natural gas production is STILL surging.
Except NG prices down 35% the last 3 weeks
In this over leveraged world, everything affects everything.
Yea. So buy oil.
The Saudi Arabia of America is cutting production. Shit I'm buying here and holding.
This is the world's most important commodity next to water. I'll buy a 60% sale.
UCO is 8 bucks per share. My burger flipper can buy that.
I like the knife to hit the floor before I try to grab it.
Unfortunately I can never tell where the floor is.
We rig crashed some folks.
oops, someone pressed down instead of up for the 2:30 ramp
hey CNBC, guess, T. Boone ain't so dumb after all
No question half the rigs out there now are unprofitable or barely profitable at $75 oil. Capex getting slashed, LOC being revoked or becoming usurous, and rigs declining daily...oil will be $75 by 4th of July.
If we can only get the "Nig" count to crash likewise, everything would be coming up daisys! C'mon! Its just one little consonant! USA! USA!
Boone Pickens is a blow hard. He's always wanting the Government to give him money to speculate on.
I've got 25% working interest on 220,000 acres in Pecos County Texas - looking for a partner - mopickens@gmail.com