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US Rig Count Increases For First Time In 29 Weeks
After 28 consecutive weeks rig counts declines in America - despite crude production levels hitting new cycle record highs - Baker Hughes reports Total Rig Count increased 2 to 859 this week. The oil rig count dropped 3 to 628. Crude's price reaction is negligible.
Total Rig Count rose for first time since Dec 5th...
But oil rigs decline contionued...
- *U.S. OIL RIG COUNT -3 TO 628, BAKER HUGHES SAYS
- *OIL RIGS IN WILLISTON BASIN FALL BY THREE TO 74: BAKER HUGHES
- *OIL RIGS IN PERMIAN BASIN FALL BY TWO TO 230: BAKER HUGHES
- *OIL RIGS IN TEXAS'S EAGLE FORD SHALE UNCHANGED AT 83
- *OIL RIGS OUTSIDE MAJOR BASINS JUMP BY 10 TO 141: BAKER HUGHES
But production just keeps rising...
Charts:Bloomberg
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A rig or two erected on the WH’s lawn would look cute.
Plus, it would increase the Rig Count. ;-)
Looney
The crash is over. Trade your yellow gold for black gold now!
The Rig Count is now another rigged number. I wonder if next month there is an adjustment to this number when it turns out that rigs out of service are counted as functioning, even if the operators have stopped making payments for the use of the rig and have laid off the laborers needed to run the rig on site. Just like LIBOR and the unemployment rate, another bogus number.
Dead Greek bounce?
That the production continues to climb in spite of the rig count is a clear sign that the sector was in bubble territory last Fall. Happy it popped when it did.
About average in a normal system. The count will go up and down normally, but a big jump in either direction might be interesting......
I know one company that claims they will be adding two or three if oil hits 70, they wont be in the money then either.
Until Saudi-Russia coordinate production to increase output and oil goes south.