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Crude Slides As US Total Rig Count Decline Smallest Since December
Total rig count dropped 2 this week to 857. This is the smallest decline in rig count since Decmeber 5th 2014.
- *U.S. OIL RIG COUNT DOWN 4 TO 631, BAKER HUGHES SAYS
But Production remains at record highs...
Charts:Bloomberg
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The spice will still flow. It always will, until it won't.
Correct. Some people will have access to the consumable calories required to maintain their high standard of living. Most will not.
same as it ever was...
Bull headed wild catters are trying to prime their pumps because the banks are still making non-performing loans to them. If the banks stopped making loans at this rate, which they do because with rates this low they have to - need higher supply to keep margin up - it would freeze up the liabily side of their balance sheet and would need to dump assets to maintain dutiful leverage.
these rig count posts are a waste of space.
Meaningless.
these rig count posts are a waste of space.
Meaningless.
Agreed. More importantly, watch the inventories at Cushing as an indicator of storage plays being unwound. The draws recently are due to that, motivated by the flattening curve.
Over half a million cables and other documents from the Saudi Foreign Ministry.
https://wikileaks.org/saudi-cables/press
Have fun ...
Need some translation to be of any interest to me.
The only possible explanation is that there are,in fact,only 1 oil rig in the USA actually producing oil..The other 630 wells are producing billions of dollars in zero percent financing,which the oil companies use to buy back shares of their own stock,and pay executive compensation packages.
Of course this just shits all over those 90% per year decline rates spouted so frequently around here. LOLOLOLOLOL!!!!!!!!!!!!!!!!!
Is Cushing full yet? When will oil be $20?
LOL the old worthless rig vs production data based on EIA algos.
States report production declines and that thing still powers off into the sky.
Wasn't oil production supposed to have collapsed and oil prices headed back up to $80 by now? What happened? It looks like the lower oil prices go, the more the frackers have to produce to service their debt. It's a race to the bottom