RE:The Baker Hughes rig count fell 12 to 759If you marry the latest Rig count with the latest DPR (drilling productivity report ) , you will find that both crude and nat gas production will henceforth be declining rather than rising ( assuming a loss in associated gas from Permian type oil wells )
Furthermore drilling rig productivity is now in what appears to be a rather steady decline based on the last year and a half data.
IMO we are now seeing the onset of peak production for both Crude and Nat gas in the USA
The only offset would be significantly more drilling in both the USA and Canada !! With current low prices, a return of drilling will obviously not happen any time soon. And for those who are still worried about recessions, they obviously missed the latest Jobs Report in the USA