Oil and gas drilling data from Baker Hughes:
– Prior was 510
– Gas rigs 121
– Prior gas rigs 127
– Overall rigs 619 vs 637 prior
Oil rigs have been running off for more than a year but production has hardly slowed. With massive builds continuing in the US and storage overflowing, it will take awhile to run-down the excess and get the market into balance; but crude hitting $26 this month will speed things up.
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