EOA Rig Count Report
The usual 6 charts are updated and listed below.
In earlier reports, we raised the possibility that the decline in the rig count in the Permian could be the result of changing locations. This seems to be the case as the oil-directed rig count in the Permian increased by 6 last week after it had declined by 6. We could see the same thing happening in the Eagle Ford as the rig count also decreased by 6, but we need to wait for more data. In addition, there was a noticeable increase in the gas-directed rig count, especially in the Marcellus.
The net result is still positive: the oil-directed rig count in tight oil plays increased by one (see Figure 2).
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