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Rigs
’Rig counts still falling
In more bearish news for the oil market, rig counts as compiled by Baker Hughes are continuing to fall across the world, implying a radical investment pullback in future production — ultimately a bullish factor further down the line.
Rigamortis for Halliburton
The banks may be in the Q1 happy club, but that’s not so much the case for oil firms, and specifically the oil services firms, which this time last year happened to be the talk of the markets (see chart below).
Rig counting
Here’s a good visual representation of just how much production has been taken out of the oil market in the US, and why with the combined cuts out of Opec, a new supply/demand balance may indeed have finally been reached.