Looks like natural gas rig count actually increased this week by 2 rigs, with the total now at 600.
Oil rig count increased by 10.
Natural gas rig count has fallen significantly, and will likely need to fall further for a good rebound. I am simply throwing out a hypothesis on rig count but it may very well be that many producers are getting rigs now in anticipation of a price rebound hoping to capitalize quickly...which may end up actually keeping prices from recovering as strongly as many producers jumped in early to try and ride the trend.
Will be interesting to see how it unfolds. John Walker, of Enervest/EVEP has said he thinks it will require 500 rigs to restore balance...but as PXD CEP Scott Sheffiled pointed out, many producers are misreporting their rigs as gas rigs rather than oil because Texas allows you to HBP more acreage for gas than oil. As most plays are producing gas, oil and liquids, it is easy for these producers to pass the red face test...yea, sure, we were drilling for gas and "accidently" stumbled onto NGLs and oil..bummer (wink wink)...
Regardless of the increase, I think we are starting to put in a bottom on pricing. I would not be surprised to see rig count drop again as more and more producers get high priced acreage HBP'd but the drops may be gradual and unrelated to current pricing but rather to the fact that most gas plays are very profitable right now and with NGLs getting whacked due to falling oil prices, many producers will be focusing on their highest return plays and paying down debt.
You do realize Norris I am going to continue to hold you to producing a link to the message where you claim I made all of those statements regarding ethanol.
You have plenty of time to find it and WE ARE ALL PATIENTY AND EAGERLY AWAITING IT.
Guess what, you will never post it because you are not a man of your word. you are a low down, lying sack of manure that will talk the talk but you cannot walk the walk.
Produce the Link
Look Caliban. Let us talk about your complete bellyflop on market dynamics and the nature gas market in particular. Economic 101 concepts.
It is true but one of only lost count of basic mistakes you make on pretty much a daily basis.
YOu alwasy pretend it did not happen or your were misunderstood.
As I said we both know you did and a long entire thread just disappeared. Answer me that one.
May the star tropper monkeys be with you so can imagine you are the king monkey in control of a public board. Who was that posting all that nonsense with Gene who claimed to be a 'conservative'?
Maybe the starship trooper monkey will be out in force tomorrow for you. Then Caliban you can imagine you have control of a public board. King monkey! ;-)
It is pretty funny you demand we go back to ethanol when this one allow would end any hope of having those 'customers'. Unbelievable!
The basic economic concept you do not understand is marginal supply. The question which seems to be settled is that associated natural gas production has become the base supply rather than the marginal supply. So the market is being priced from this new structure rather than ngas waste product of oil production. Prices are lower than otherwise but NOT disconnected from the cost of production.
You inability to understand the ramifications of your declarations only points out your lack of training and experience!
Raise the tempest Caliban! You nature commands you! From your Mom's basement after she leaves for work.
Well I have only ONE ID on these boards and I do not know anything of this bagduffels.I came to the boad long after this OLB "existed:.
What I do know if that norris made a claim, refuses to post the link and that you are very adept at searching the boards and posting links, hence I alluded to perhaps you helping him learn how to search and post the links...this of course would have been a fruitless effort since the conversation he claims happened never actually happened.
As for the rig count issue...not sure but I bet if we see a bump up in BH's numbers it might mean someone was sleeping on the job.The guy on the webcast probably had it right...perhaps it accounts for rigs in transit with the final destination already known...maybe BH does not make the change until after the rig is in location.
What we do know is that the Bakken is gaining a lot of rigs in the way the GW and the Eagle Ford shale were gaining them a year ago. A lot of money is sloshing around in North Dakota and will continue to do so as long as the state stays friendly to drilling and commodity prices stay high...both of which seem likely.
I do not even know what you two are bickering about, nor do I care to know. And, if it is something important, it seems that it is only important to you.
I was much more interested in trying to see why there was such a rig count difference between info sources.
And, when you have "admirers" praising your comments who do not have a message history, it just reminds us of all the many bagduffel deceptions and the many other names used by those who play such games & who norris calls OLB.
Because you and I both know no such conversation ever took place. That is why I mentioned it because I knew if norris was genuine, he would ask for you to show him how to search for old messages and post links to them...but since it never happened, I had no fear of that happening...
Instead he pretends like he is preoccupied with something else and doesn't have the time...funny.
We see through norris...we see him for what he really is...
nope, school is out.
So is the BS.
No message history from your "admirer" seems to shine like a searchlight on revealing the message board games played by some who norris seems to call OLB.
Well at least admit you did not read Shakesphere and were busted by the Caliban part you agreed to play. Funny how anything to related to Reformist Values tends to get left off the internet. ;-)
Yes you did and you know it. I did note a whole string just disappeared from the message board so assume you are counting on that. You and Gene went on and on about how terrible Bush was until I had to produce the very sections of the law proving it has been all Obama for 3.5 years. Then you as a ‘conservative’ just stopped. Pretty amusing in the transparency.
Just a barrel full of monkey! Make that board full of collective monkeys
I have to laugh at you attempting to avoid your bone head mistake on the nature of markets and natural gas in particular.
You have the potential to be more than a monkey. Every human being does. But it is a choice which has to be made by the individual.
Look get out of Mom’s basement and get some fresh air. I am grilling up some Good Eats perfect burgers now. So don’t have more time for you!