U.S. Rig Count Plunges By Most Since 1993 [Halliburton Company, BP plc (ADR), Transocean LTD, Seadrill Ltd]

oil gasTyler Durden: Despite the dramatic plunge in rig counts, this week saw yet another surge in production to record highs and with storage levels getting close to full, it would seem  – despite the bounce/squeeze in prices to $53 as the data hit – that supply remains well ahead of any demand.

Total rig count dropped 98 to 1,358 – for the largest weekly drop of the 10 week run as cutting is accelerating rapidly – now down 30%.

This is the biggest weekly rig count drop since 1993.

West Virginia remains the relative hardest hit with rig count depletions but Permian Basin collapse 49 rigs to 369 this week.

US Oil Rig Count Down 84 to 1,056

Canada Rig Count +1

Total Rig count: Biggest percentage weekly drop since 1993



With production remaining at record highs.



Charts: Bloomberg

This article is brought to you courtesy of Tyler Durden From Zero Hedge.

Leave a Reply

Your email address will not be published. Required fields are marked *