From: Oil Price
After last week’s moderate drop in rig count, the amount of horizontal oil rigs seems to implode this week.
The U.S. land rig count was down 37 this week and the land horizontal rig count was down 30.
Is this capitulation? Hard to say but it's the biggest drop since March 2015. And, the Fayetteville Shale play officially bit the dust this week with zero rigs for the first time since the play began in 2005. MORE