Don't forget - International Rigs1 May 2020 21:33
E121,
In addition to US rigs falling, the International picture is also "hotting-up". Or should I say cooling down !
International Rigs were also well down this week too. Down -144 rigs.
International Total now down to only 915 rigs , first time below a thousand .
The weekly decline in US rigs was just over 10% for a week. However International was nearer to a 15% fall. Yes you can "iron-out" the odd percentage point difference. In summary, What you can see though is that the International picture of rig decline is actually the same as the rate of US rig decline. I think we may get more supply coming off-line than the market is expecting !
Interesting times.