Latest Rig Count - Baker HughesThis week:
US - 30 rigs gtaken off leaving 541 - 817 down on a year ago.
Canada - 20 rigs taken off leaving 222 - 160 down on a year ago
International - 50 rigs taken off leaving 1045 - 213 down on ayear ago.
The above rig count relates to the last 7 days alone, that is 6% of the rigs taken offline in the past 7 days. Bear in mind supply and spare capacity are only about 3% above demand.
The key thing to understand here is that this will take a few months to work through, during this time the oil price and Ithaca's share price will jump around. The money will be made by those who can both be right and sit tight.
Doug