U.S. count of active oil and gas drilling rigs fell for the 10th consecutive week as of May 15 to 339 – the lowest on record since Houston-based Baker Hughes began reporting data in 1987. U.S. counts were 374 previous week and 987 previous year. U.S. oil-directed rigs fell by 34 in the past week and 544 in past year to 258. There were 404 rigs operating at the lowest point of the 2014-16 oil slump.
Permian Basin lost rigs for the ninth staight week to 175 (198 previous week, 454 previous year). Texas declined to 150 rigs (173 previous week, 482 previous year), and New Mexico fell to 66 rigs (70 previous week, 103 previous year). Eddy County, N.M., remains the Permian leader and was the only county to add rigs in the past week. Eddy added 4 rigs to reach 42 followed by Midland (25), Lea, N.M., (24), Martin (17), Loving (15), Reeves (12) and Howard (11).
Oklahoma continued its steep decline to 12 rigs (13 previous week, 103 previous year). Rig counts in other leading states include Louisiana (35), Pennsylvania (23) and North Dakota (16). Other leading regions include Haynesville (32), Marcellus (30), Eagle Ford (24) and Williston (16).
Wait until Israel attacks Iran in late September this year….and the retaliatory attack by Islamic armies on
physical Israel in November. There will be market turmoil like never seen before. I don’t think oil and gas
exploratory drilling will be on anyone’s mind at that time. In short, the economic collapse of the USA and the world is just in a lull now before the next big event.
Wait until Israel attacks Iran in late September this year….and the retaliatory attack by Islamic armies on
physical Israel in November. There will be market turmoil like never seen before. I don’t think oil and gas
exploratory drilling will be on anyone’s mind at that time. In short, the economic collapse of the USA and the world is just in a lull now before the next big event.