Why Oil Is Up But Rig Count Is Not
- Rig count no longer enough to estimate U.S. production
- Forecasters look at everything from sand use to hiring stats
OPEC's Control of the Oil Market Is Running on Fumes
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For U.S. shale drillers who have seen prices climb almost 50 percent in six months, it’s been largely a rig-less recovery, a conundrum for traders seeking to forecast the future.
Normally, you’d expect the rigs to return to the field in significant numbers as producers flush with added cash looked to boost output. But the weekly Baker Hughes tally has stayed remarkably still.