Where Is The U.S. Oil Rig Count Headed?

The oil rig count is down by over 60% from its peak of 1,609 last October and is down by over 55% year-to-date. The rig count has been a closely watched metric in the crude oil markets over the last few quarters, as investors and traders try to gain a sense of direction in prices by examining supply side factors in the U.S. land drilling markets. We believe that the U.S. oil rig count could continue to face some pressure due to a challenging near-term outlook for crude oil prices and also due to...