Courtesy of By Arthur Berman at OilPrice.com
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.
The tight oil horizontal rig count was down by 20 and the key Bakken-Eagle Ford-Permian HRZ rig count was down by 14. The Bakken lost 3 rigs, the Eagle Ford, 4, and the Permian, 7.
Shale gas lost 8 HRZ rigs. The Haynesville lost 2, the Marcellus, 6, the Utica 1, the Fayetteville, 1. The Woodford and Barnett each gained 1 rig.
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The current market turmoil has created a once in a generation opportunity for savvy energy investors. While the mainstream media prints scare stories of oil prices falling through the floor smart investors are setting up their next winning oil plays.
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