{"id":6370,"date":"2015-03-10T06:03:28","date_gmt":"2015-03-10T11:03:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6370"},"modified":"2015-03-10T06:03:28","modified_gmt":"2015-03-10T11:03:28","slug":"deciphering-the-latest-rig-count-data","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6370","title":{"rendered":"Deciphering The Latest Rig Count Data"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Crude-Oil\/Deciphering-The-Latest-Rig-Count-Data.html\" target=\"_blank\">Deciphering The Latest Rig Count Data<\/a><\/h3>\n<p>The main take-away from this week\u2019s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand.<\/p>\n<p>Please remember the following points and read my previous post \u201c<a href=\"http:\/\/www.artberman.com\/oil-prices-dont-change-because-of-rig-count\/\">Oil Prices Don\u2019t Change Because of Rig Count<\/a>\u201d if you haven\u2019t already:<\/p>\n<p><strong>\u2022 Rig count is only one indicator of future production trends.\u00a0<\/strong><br \/>\n<strong>\u2022 Week-to-week changes are not critical but trends may become important.<\/strong><br \/>\n<strong>\u2022 Horizontal rigs are more important than vertical rigs.<\/strong><br \/>\n<strong>\u2022 Bakken, Eagle Ford and Permian basin are the most important plays for tight oil production in the U.S.<\/strong><\/p>\n<p>This week, the overall rig count was down 75 compared with 43 rigs last week. The horizontal rig count was down 51 compared with 33 rigs last week.<\/p>\n<p>The Eagle Ford Shale play lost 9 horizontal rigs this week, the Permian lost 15 and the Bakken lost 3 rigs.<\/p>\n<p><a class=\"lightbox\" href=\"https:\/\/oilprice.com\/images\/tinymce\/Evan1\/ada1888.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/oilprice.com\/images\/tinymce\/Evan1\/ada1889.jpg\" alt=\"RigCountChangeTable\" width=\"450\" height=\"101\" \/><\/a><\/p>\n<p><em>Rig Count Change Table. Source: Baker-Hughes, Labyrinth Consulting Services, Inc.<\/em><\/p>\n<p><em>(Click to enlarge)<\/em><\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/Oil-Price-Crash-A-Blessing-In-Disguise-For-US-Shale.html\"><strong>Related:\u00a0Oil Price Crash A Blessing In Disguise For US Shale<\/strong><\/a><\/p>\n<p>The Bakken horizontal rig count is down 40% from its maximum in 2014. The Permian basin horizontal rig count is down 33% and the Eagle Ford is down 30%.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deciphering The Latest Rig Count Data The main take-away from this week\u2019s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand. Please remember the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[48,2514,1775,595,2121,1644,723,798,2531],"class_list":["post-6370","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bakken","tag-eagle-ford","tag-oil-price-collapse","tag-oil-production","tag-oil-rig-count","tag-rig-count","tag-shale-oil","tag-tight-oil","tag-us-rig-count"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6370"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6370\/revisions"}],"predecessor-version":[{"id":6371,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6370\/revisions\/6371"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}