Will Oil Rigs Count Continue to Plummet?

Written by on April 17, 2020 in NatGasWeather - No comments

Friday, April 17:  Oil prices are again lower today and under $18. This suggests further losses in US oil rigs for this afternoons Baker-Hughes rigs report. It will be watched very closely as it already has dropped a huge amount of oil rigs the past 3-4 weeks, declining nearly 25%.  This means less associated gas production. But when? It has yet to show up in the data when considering two straight solid EIA bearish nat gas storage report misses the past two weeks.

 

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