EOA Rig Count Report
Since the start of the year, Permian oil-directed rig count declined by 86 (7 charts).
MAIN TAKEAWAY
We were wrong! We thought the price rally and the change in market sentiment will be mirrored by a change in sentiment on the ground in the fields. But that was not the case, even for oil equities.
Rig count continued to decline especially in the Permian! Oil-directed rig count in tight oil plays declined by 81 since the beginning of the year!