Weekly drilling rig count from Baker Hughes
- Prior was 300
- Oil rigs 236 vs 226 prior
- Natural gas rigs 73 vs 71 prior
Oil companies are dipping their toes in. It's budget season and they need to show flat production or a moderate decline next year or their share prices are going to collapse even further.
It's still a long ways to go to get back to drilling levels at the start of the year.
