{"id":6484,"date":"2015-03-13T19:05:55","date_gmt":"2015-03-14T00:05:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6484"},"modified":"2015-03-13T19:05:55","modified_gmt":"2015-03-14T00:05:55","slug":"rig-count-drops-for-14th-week-in-a-row-fastest-rate-in-29-years","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6484","title":{"rendered":"Rig Count Drops For 14th Week In A Row, Fastest Rate In 29 Years"},"content":{"rendered":"

Rig Count Drops For 14th Week In A Row, Fastest Rate In 29 Years<\/a><\/h3>\n

For the\u00a014th week in a row,<\/strong>\u00a0the US rig count fell 67 rigs to 1125, (a 5.6% drop to\u00a041.4%, bigger than March 09’s previous record 14-week decline of 41%<\/strong>). 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),\u00a0“the real thing that needs to change is U.S. production and that is not happening at the moment.”<\/em><\/strong>\u00a0April WTI Crude tested $45.01 before the data and bounced very modestly on the data.<\/p>\n