Rig count is cause for major concern, without it that means less and less new wells/new production are coming online. Believe it or not regardless of if they drill a well horizontal/vertical you still only get so much per well. Pockets of oil are in the new Shale plays, and in order to reach them it requires directional drilling, well starts off Vertical and they curve the bit to more of a horizontal angle to hit the pockets of oil/gas.
We need the rig count to rise, that won't happen until oil rises.
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