The number of US oil rigs keeps plunging....84 this week...83 last week...down 35% since peak in oct 2014

[link to www.businessinsider.com]

The number of oil rigs in use in the US fell by 84 this week, according to data from oil driller Baker Hughes.

Last week, the number of oil rigs in use fell by 83 to 1,140.

This is down from a peak of 1,609 hit in October 2014 and was the lowest oil rig total since December 2011.

The current drop serves as about a 30% drop from the most recent peak, and on its most recent earnings conference call Baker Hughes said that in past downturns, the number of rigs in use has declined by 40%-60%.

Here's the chart from Baker Hughes as of February 6.

Note in link

Last Edited by Uncle Fuck Stick on 02/13/2015 01:13 PM