The number of rigs actively drilling for oil in the US, reported by every Friday, is a preliminary gauge of these changes. And during the last reporting week, that rig count plunged by 83 to 1,140 rigs, after having plunged by an all-time record of 93 in the prior week. The rig count is now down 469 rigs, or 29%, from the high of 1,609 in October. And it’s down 359 rigs over the six reporting weeks so far this year.
Never before has the rig count plunged this fast this far.
Courtesy Wolf Richter at WolfStreet.com (EconMatters archive here)
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