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Editor's Note: This is a brief excerpt from today's Morning Newsletter which was written by Director of Research Daryl Jones. Click here to learn more/subscribe.
In the Chart of the Day, we highlight a table from a recent note by our commodities analyst Ben Ryan that shows oil production by each major field in the U.S., productivity by the active rigs in that play, and rig count. In the case of the bears, they are correct that rig count is down, and meaningfully so. In fact, Baker Hughes rig count in the U.S. in aggregate is down 47% y-o-y.