http://www.eia.gov/todayinenergy/detail.cfm?id=24932
From the EIA:
“As falling global oil prices led to significant reductions in rig counts and well completions in all DPR regions, remaining rigs are concentrated in high-producing areas. The total number of rigs in DPR regions has fallen from a high of 1,309 rigs in October 2014 to 475 in December 2015, a decrease of 64%, while the production levels in those months have declined by only 8% from their peak in March 2015. Production estimates in DPR regions represent a subset of total U.S. crude oil production.”
DPR regions are the tight oil regions mentioned in the EIA’s Drilling Productivity Report… The bottom line is whether the stubbornly declining trend in production will be enough to balance out demand before we run out of storage… Interestingly, some -$5 one month spread put options opened up yesterday in March/April and April/May… The buyers of these would be betting on storage space becoming scarce…
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