{"id":1289669,"date":"2023-05-19T12:11:08","date_gmt":"2023-05-19T16:11:08","guid":{"rendered":"https:\/\/bugaluu.com\/news\/us-rig-count-tumbles-to-annual-decline-jobs-production-next\/1289669\/"},"modified":"2023-05-19T12:11:08","modified_gmt":"2023-05-19T16:11:08","slug":"us-rig-count-tumbles-to-annual-decline-jobs-production-next","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-rig-count-tumbles-to-annual-decline-jobs-production-next\/1289669\/","title":{"rendered":"US Rig Count Tumbles To Annual Decline; Jobs &amp; Production Next?"},"content":{"rendered":"<div class=\"ftpimagefix\" style=\"float:left\"><a target=\"_blank\" href=\"https:\/\/www.zerohedge.com\/energy\/us-rig-count-tumbles-annual-decline-jobs-production-next\" rel=\"noopener\"><img decoding=\"async\" width=\"100\" data-entity-type=\"file\" data-entity-uuid=\"f0a89c07-6bda-47d4-a609-c433b0336b55\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm4E2C_0.jpg?itok=9_u1aWni\" alt=\"\"><\/a><\/div>\n<p><span class=\"field field--name-title field--type-string field--label-hidden\">US Rig Count Tumbles To Annual Decline; Jobs &amp; Production Next?<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Baker Hughes just reported that the total number of active drilling rigs in the US tumbled by 11 last week to 720 &#8211; <strong>down 8 rigs on a YoY basis<\/strong>&#8230;<\/p>\n<\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>This is the<strong> first annual decline since April 2021<\/strong>.<\/p>\n<p>The first question we have is simple &#8211; with rigs now down almost 10% from the February highs &#8211; <strong>will Oil &amp; Gas Extraction Industry jobs start to decline?<\/strong><\/p>\n<p><a target=\"_blank\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm2853.jpg?itok=dIiCJFYw\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm2853.jpg?itok=dIiCJFYw\" rel=\"noopener\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p><strong>The decline in the number of rigs was entirely attributed to oil rigs, which fell by 11 this week to 575<\/strong>. Gas rigs stayed the same at 141. Miscellaneous rigs stayed the same at 4.<\/p>\n<p><a target=\"_blank\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/rigs_1.jpg?itok=vokk6lBo\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/rigs_1.jpg?itok=vokk6lBo\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"098acb0f-dfa9-489e-921a-1dd69e5ba901\" data-responsive-image-style=\"inline_images\" height=\"295\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/rigs_1.jpg?itok=vokk6lBo\" alt=\"\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>That drop in oil rigs <strong>suggests US crude production is due to decline<\/strong>, which should, all things being equal, imply higher prices (but for now it is not).<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a target=\"_blank\" title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" lang=\"\" class=\"username\" xml:lang=\"\" rel=\"noopener\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Fri, 05\/19\/2023 &#8211; 15:05<\/span><\/p>\n<p>From:<a href=\"https:\/\/www.zerohedge.com\/energy\/us-rig-count-tumbles-annual-decline-jobs-production-next\" target=\"_blank\" title=\"US Rig Count Tumbles To Annual Decline; Jobs &amp; Production Next?\" rel=\"noopener\">Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Rig Count Tumbles To Annual Decline; Jobs &amp; Production Next? Baker Hughes just reported that the total number of active drilling rigs in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1289669","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1289669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1289669"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1289669\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1289669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1289669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1289669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}