Thought I'd put these in here for everyone's info. The first is the NYMEX futures curve for the next 3 years and the second is the Land Gas Rig Count. We've gone from 1600 rigs to 1200 rigs in 4 months. At some point, supply will take it in the shorts but we're still getting killed by demand reductions. Hopefully these will come into balance by the end of 2009 or so!

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Just asking ... could it be that rig count drops because of directional drilling? Not as many needed as traditional verticals?
Actually, you can see the rapid rise in rigs to 1600? That was during the heart of the uptick in horizontal drilling.

There are also stats of horizontal vs vertical drilling rigs that are active. I don't have those plots though.

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