Rig Count Continues Bottoming, So Here’s A Look At A Demand Indicator In The Most Critical Basin Of Them All

+10. Flat. Flat. -2. Those are the weekly changes the US land rig count has posted for the past four weeks. Not bad!

A couple weeks ago – after the first two datapoints in the pattern above – we wrote “The Past 2 Weeks Don’t Make A Trend, But 2 More Will…

And now here we are, flat for two more weeks.

Absent another big shock…

There’s a lot more to this story…

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