Rig Count Drops For 14th Week In A Row, Fastest Rate In 29 Years

Friday, March 13, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/13/2015

For the 14th week in a row, the US rig count fell 67 rigs to 1125, (a 5.6% drop to 41.4%, bigger than March 09’s previous record 14-week decline of 41%). The decline in rigs contionues to tyrack the lagged oil price perfectly but has shown absolutely no impact on production levels as firms push for cashflows in a race to the bottom. As one analyst rightly noted, while rig counts continue to drop, companies are high-grading (shifting to more efficient wells), “the real thing that needs to change is U.S. production and that is not happening at the moment.” April WTI Crude tested $45.01 before the data and bounced very modestly on the data.

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