http://www.businessinsider.com/baker-hughes-rig-count-march-20-2015-3The number of US rig counts fell by 41 last week to 825, according to the latest data from oil driller Baker Hughes. This is the lowest oil rigs in use since March 2011.
Combined oil and gas rigs fell by 56 to 1,069, the lowest since October 2009.
Since hitting a peak of 1,609 in late October, the number of oil rigs is use is down about 49%.
In previous downturns in the price of oil, the number of oil rigs in use has declined by around 40%-60%, according to comments made by Baker Hughes on its first quarter earnings conference call.
And while the market has been looking at the decline in rig count, the bigger story in the oil market may be quickly dwindling amount of storage for the oil that US producers continue to pump out.
Here's the latest chart of the decline in rig count.
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.
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.
http://www.businessinsider.com/baker-hu ... z3Ww4US6tBThe number of oil rigs in use in the US keeps collapsing.
This week, the number of active rigs fell by 42 to 760, the lowest weekly total since December 17, 2010.
Combined oil and gas rigs were down 40 to 988 as 2 natural gas rigs came on-line this week. This is the lowest combined total for oil and gas rigs since August 21, 2009.
Since hitting a peak of 1,609 back in October 2014, the number of US oil rigs in use is down by about 53%.
The biggest declines this week was seen from horizontal drilling rigs, as 29 horizontal rigs shut down; 8 vertical and 3 directional rigs also shut down. On state-by-state level, Texas saw 29 rigs shut down last week, with 21 of those coming from the Permian shale basin. The Eagle Ford shale basin saw the second most rigs shut down last week with 12.
In its January earnings report, Baker Hughes said that during past oil downturns the number of rigs in use has declined by 40%-60%.
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.
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.
ROCKMAN wrote:Of course those 685 rigs will drill wells that add as much new oil production from the shales as the 1248 rigs did a year ago. Yeah efficiency!!! LOL.
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.
I still consider low temp geothermal recovery to be one of THE biggest potential energy saving techs in the US.
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