US rigs

US oil rigs this week: 860

US oil rigs this week last year: 756

EST Avg production this week 11 million bpd

EST avg production this week last year 8.781 million bpd

this week avg daily production/well: 12,790

this week last year daily prod/well: 11,615

 

Good trend? Bad trend? Neither?

 

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45 minutes ago, Rodent said:

US oil rigs this week: 860

US oil rigs this week last year: 756

EST Avg production this week 11 million bpd

EST avg production this week last year 8.781 million bpd

this week avg daily production/well: 12,790

this week last year daily prod/well: 11,615

 

Good trend? Bad trend? Neither?

 

Uh, let's see now: Up, up and up.  I'd call it a good trend.  Contributes to a down price opinion, in my case anyway.  But, if you have enough money and some media friends, you could spin it as anything you want.  I don't have any problem with the spin, that's what they do.  The skill we all aspire to is to read all presented data and come up with reality.  Reality that leads to profits, either monetary or in support of our given tasks.  IMHO.

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