Has the Rig Count Finally Bottomed?

Baker Hughes (BHI) released the results of their international rig count this afternoon which finally showed a month over month gain. Both US and foreign oil and gas rigs in operation peaked in 2008 and declined 55% from peak to trough in the US. The US count bottomed in June of this year and has gained consistently since (figures released weekly, next release is tomorrow).

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Comments

[Jasper M:]

I wonder how this can be considered a likely bottom, as demand, and therefor production, seemed doomed to decrease firther, and for some time.

Oct 07 10:09 PM