When rig counts have fallen ~25% and your still producing record amounts of oil, a weekly decline of a few rigs is meaningless
Q3 2019 hedge fund letters, conferences and more
“Davidson” submits:
In the face of a 25% fall in the Baker Hughes/GE Rig Count, US Crude Production rises to 12.9mil BBL/Day. This speaks to the enormous strides the US energy industry has taken to reduce costs through prudent application of technology and adjustments to operating procedures. The broad trends of increasing exports of Refined Products(13% growth) and crude oil continue, while crude imports are gradually replaced by domestic production.
