In April 1999, the total US oil and gas rig count was 488, today, after dropping 9, the total rig count is 480- an all-time record low (since records began in 1975). Oil rigs dropped 3 to 386 (lowest Since Dec 09), the 12th weekly drop in a row (16th of 17 and 17th and 26th of the last 28 weeks). With production up last week, it remains to be seen when the rig count matters once again.

A record low in total oil and gas rigs… (-6 in oil, -3 in gas)

Oil rig counts continue to track a lagged oil price almost perfectly…

Are we close?

Charts: Bloomberg