Weekly oil drilling rigs from Baker Hughes
– Fresh low since Oct 2009
– Prior was 318 for oil rigs (no change from the week before)
– Natural gas rigs +2
– Prior was 85 for natural gas rigs
The pace of the decline in oil rigs has slowed. That’s understandable given the rebound in oil prices. The market expects US production to fall to around 8 million barrels per day from 8.9 mbpd currently but with oil near $50, there are risks they could put drilling rigs back to work.
