They can't provide services if there is nothing to service:
Natural Gas Rig Count: The count was down by 14 from the past week to 148. Per the latest report, the number of natural gas-directed rigs is down to almost three-fourth of its highest count of 811 reached in 2012. In fact, the current natural gas rig count is almost 80% below the all-time high of 1,606, reached in late summer 2008. In the year-ago period, there were 329 active natural gas rigs.
Oil Rig Count: The rig count fell by 20 from the previous week to 516. Interestingly, the number had skyrocketed to 1,609 in Oct 2014 – the highest figure to have been reported since Baker Hughes started breaking up oil and natural gas rig counts in 1987. The current tally not only lies on the lower end of the five-year range but is also well below the previous year’s rig count of 1,421.
The party is over! Just a matter of time. Save your money!
