This page has been archived and commenting is disabled.
Oil Unmoved As US Rig Count Tumbles To May 2010 Lows
For the 13th week of the last 14, US Oil rig counts declined. Down 10 to 545 rigs, this is the lowest since May 2010 as the temporary respite in the early Fall has given way to reality and rig counts track the lagged crude price lower...
Charts: Bloomberg
»
- 16 reads
- Printer-friendly version
- Send to friend
- advertisements -
Oil price is going down and the market is going up. Thank god there's no rigging.....
Exactly.....the current wisdom is that they must only be closing down the rigs that weren't producing any oil in the first place, and that the remaining rigs are the ones that were previously productive and are now even more producive. I would also imagine that since they claim that there is currently little demand for oil (prices are way too high) they are selling the excess production to each other in order to service their debt (I also assume they'll refinance when rates go negative and they are paid to borrow).
That's all I got.
J
Oil going down and gas prices are headed back up.
rig count up or down, prices still have demonstrated no correlation with "rig count". references to it here have been proven irrelevant over the past year or so.
It does seem that way now, but when the rig count was rising, or not lowering, oil prices would immediately spike down.
I could/must be wrong, but I smell a rat.
J
There are days I think the market would really soar if the US suddenly decided that Saudi Arabia needed the "Arab Spring" treatment...
Standard Disclaimer: The US has to be the most inept "empire" in all of human history.
Yep, we've redefined the standard economic invasion model into a losing strategy, rather than invade, loot, and profit, we pay others to undermine and destroy the existing power base, they then decide to do as they please, and then we overpay to rebuild with the hope that they'll let us wet our beaks. Rinse, repeat.
One wonders if the US oil patch resembles the Bakken:
https://www.dmr.nd.gov/oilgas/stats/historicalbakkenoilstats.pdf
1,660 more wells year over year for less production and barrels per day per well from 132 to 109. Efficiency!