{"id":7216,"date":"2015-04-10T15:08:52","date_gmt":"2015-04-10T20:08:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7216"},"modified":"2015-04-10T15:08:52","modified_gmt":"2015-04-10T20:08:52","slug":"total-rig-count-decline-fastest-since-1986-as-weekly-rig-count-drop-re-accelerates","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7216","title":{"rendered":"Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-04-10\/total-rig-count-decline-fastest-1986-weekly-rig-count-drop-re-accelerates\" target=\"_blank\">Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates<\/a><\/h3>\n<p>With crude production and inventories hitting record highs this week, it is likely no surprise that rig counts continued to decline &#8211;\u00a0<strong>falling 40 to 988 total rigs<\/strong>\u00a0 (and down 42 to 760 oil rigs). This is the\u00a0<strong>18th week in a row<\/strong>\u00a0of total rig count declines &#8211; equal to the record series from 2008\/9. At 48.5%, this is the\u00a0<strong>biggest 18-week decline since 1986<\/strong>.<\/p>\n<ul>\n<li><strong>*U.S. TOTAL RIG COUNT DOWN 40 TO 988 , BAKER HUGHES SAYS<\/strong><\/li>\n<li><strong>*U.S. OIL RIG COUNT DOWN 42 TO 760, BAKER HUGHES SAYS<\/strong><\/li>\n<li><strong>Notably Arkansas and Kansas saw rig counts increase<\/strong>\u00a0(8 to 9 and 12 to 13 respectively)<\/li>\n<\/ul>\n<p>The weekly pace of decline has accelerated&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig2_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>This is the biggest 18-week plunge since 1986&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig1.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig1_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>And Production re-accelerates (US and Saudi oil production record high, Iraq and Libya also boosted production in March) even as rig count collapses&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig3.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/04\/20150410_rig3_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>And Crude&#8217;s initial response&#8230;<span style=\"text-decoration: underline;\"><strong>Nothing<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em>Charts: Bloomberg<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total Rig Count Decline Fastest Since 1986 As Weekly Rig Count Drop Re-Accelerates With crude production and inventories hitting record highs this week, it is likely no surprise that rig counts continued to decline &#8211;\u00a0falling 40 to 988 total rigs\u00a0 (and down 42 to 760 oil rigs). This is the\u00a018th week in a row\u00a0of total [&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":[4724,47,1084,588,2121,3450],"class_list":["post-7216","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-arkansas","tag-baker-hughes","tag-kansas","tag-oil","tag-oil-rig-count","tag-us-oil-rig-count"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7216","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=7216"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7216\/revisions"}],"predecessor-version":[{"id":7217,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7216\/revisions\/7217"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}