A new record for number of active rigs in North Dakota: 99.
The previous high was 98 (yesterday); 97 ( a few weeks ago), 96 (a few days before that), 95, earlier this year .... and 95 tied the previous record of 95 set in late 2008. When the price of oil plummeted, the number of active rigs dropped to 33 in early- to mid-2009.
Some opine that there will be as many as 120 active rigs in North Dakota by this summer. It might happen. Despite a glut of oil on the market, oil is nearing $82 -- of course, this has less to do with supply/demand than with the strength of the dollar. However, we may be seeing glimpses of untethering the price of oil and the strength of the dollar: oil jumped almost $2.00 in early trading today despite the fact that gold has NOT moved, and there is increasing talk of sovereign defaults (Greece, Portugal, Spain) putting pressure on the Euro and strengthening the dollar.
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