The oil rig count fell again this week, according to driller Baker Hughes.
Producers idled 8 rigs, bringing the tally to 644. It's the slowest pace in what's now a three-week streak.
The count fell by 10 last week, and that decline followed another in the prior week that wiped away all the additions made in August.
The combined count of oil and gas rigs fell by 6 to 842.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
The US Oil rig count is now down over 63% from its highs in October 2014. Last week's 10 rig decline is the 7th straight weekly drop, pushing the count below 600 for the first time since July 2010. Crude prices are modestly higher on the news...
*U.S. TOTAL RIG COUNT FALLS 8 TO 787 , BAKER HUGHES SAYS
*U.S. OIL RIG COUNT FALLS 10 TO 595, BAKER HUGHES SAYS
Now down over 63% from highs... New Mexico, Oklahoma, and Texas saw the big declines this week.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
onlooker wrote:http://www.zerohedge.com/news/2016-03-04/us-oil-rig-count-drops-below-400-first-time-2009
US Oil Rig Count Drops Below 400 For The First Time Since 2009
Turnabout is fair play.
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