/biz/ - Business & Finance

https://oilprice.com/Energy/Energy-General/Oil-Gas-Drilling-Activity-In-US-Sees-Largest-Single-Week-Drop-Since-Mid-2020.html
rig counts and drilling declines are finally showing up in the numbers. With the current prices, I wonder how many companies are pissing their pants right now. If a fracked well isn't profitable in the first six months it's possible it won't be profitable at all due to the high decline rates. Rig counts are still much lower than they were pre-coof though. I am bullish longer term but short term I could see producers trade lower. Oil and gas prices may have bottomed out though... we'll see, demand woes remain pertinent. Overall I think right now is not a bad time to start taking positions with the caveat that the market could bless us with even lower prices.