The U.S. oil -
rig count fell by 13 to 400 in the latest week, according to Baker Hughes Inc., maintaining a recent clip of sharp declines.
The active
rig count fell by one last week to a total of 935.
The US oil
rig count fell by the most in two months this week, by 21 to 524, according to oilfield services giant Baker Hughes.
Last week, the oil
rig count fell for the first time in four months, by two to 441.
For example, US Silica CEO Bryan Shinn said during his company's most recent conference call that management expects demand for frack sand to decline by just 15 % to 20 % in 2015 assuming U.S.
rig counts fall by 30 % -35 %.
Not exact matches
The
count of active oil
rigs fell with prices, but has risen over the past few months, mostly in the Permian.
Last week, the oil -
rig count rose by 11, gas
rigs fell by three, and miscellaneous
rigs were unchanged at two.
What's more, the number of active North American oil
rigs fell by two in the week ended June 30, from 758 to 756
rigs, the first such contraction since January, according to the Baker Hughes
Rig Count.
The total active
rig count,
fell to 857.
Thankfully, the global active
rig count seems to be nearing its nadir after
falling for 22 straight weeks.
Active oil
rig counts continue to
fall, and are at their lowest level since August» 99.
The markets reacted apathetically to Baker Hughes US Crude Oil Drilling
Rig Count., UP 5 to 820 Rigs, Most Since March 2015 suggesting that the primary focus is falling on Iran sanctions while declining production is overshadowing the Rig count in Venezuela and An
Count., UP 5 to 820
Rigs, Most Since March 2015 suggesting that the primary focus is
falling on Iran sanctions while declining production is overshadowing the
Rig count in Venezuela and An
count in Venezuela and Angola.
Although many supporting events happened simultaneously last week like a continued drop in US
rig counts, concern about
falling production in Canada and Bakken, the decision by the Fed to hold off on the interest rate hike and the Russian attacks on Syria, it's difficult to make the case the rally is sustainable.