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Back in May I posted a rig count from Zack's
Rigs engaged in exploration and production in the U.S. totaled 404 in the week ended May 20, 2016. This was down by two units from the previous week and touched an all-time low.

The current nationwide rig count is less than half the prior-year level of 885. Notably, the count had peaked at 4,530 in 1981. Inversely, an all-time low was recorded at 488 during 1999.

2 days ago:

In the week ended October 21, the number of rigs drilling for oil in the United States totaled 443, up by 11 compared with the prior week, but down from a total of 594 a year ago.

US oil production is down ~11% from the high of Mar-April 2015. But the flow has been steady for the last 3 1/2 months.

I admit it. I'm baffled.

Where do we go from here???
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