Weekly oil drilling count
- Total rigs 728 vs 772 prior
- Natural gas 102 vs 106
Here's why the Saudis aren't going to back down: They're getting what they want now, producers worldwide are slowly shutting in production. They don't want to do it on their own, they want everyone to do it.
Meanwhile, Pioneer's CEO was insightful yesterday about the prospects of a broad mandated US shutdown. He said Exxon didn't want it to happen because they want to weak US producers to go bankrupt. He also said Ovinitiv and Marathon didn't want it because they would go bankrupt. That insight is one of the reasons oil is down 5% today.