Jun
02

Risings Rigs

drilling rigAfter topping out at almost 1,600 oil rigs back in October 2014, oil exploration plummeted along with rig counts, which now number just 646. That said, current week-to-week rig count declines are trivial, going from a peak weekly decline of 94 in mid-January, to a decline of just 13 last week and just 33 total in the month of May. As a result, expect rig counts to start rising soon.

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