Current rig counts are approximately 1/3 of what is needed to maintain that level and I am skeptical that drilled uncompleted wells will make up the difference. Its messy. It is probably not a transient phenomenon. Source: EIA and Labyrinth Consulting Services, Inc. art berman.comADVERTISEMENTExcursions from the yield curve (shown in red in Figure 2) represent periods of price discovery because of a shift in market perception. Figure 2.
Figure 2 represents periods of price discovery.
( z0 represent :ARG0 ( z1 figure :mod 2 ) :ARG1 ( z2 period :time-of ( z3 discover :ARG1 ( z4 thing :ARG2-of ( z5 price ) ) ) ) )
(z0 / represent-01
    :ARG0 (z1 / figure
              :mod 2)
    :ARG1 (z2 / period
              :time-of (z3 / discover-01
                           :ARG1 (z4 / thing
                                     :ARG2-of (z5 / price-01)))))
Figure 2 represents periods of price discovery .
z1 :mod 0
z0 :ARG0 z1
z0 :ARG1 z2
z4 :ARG2-of z5
z3 :ARG1 z4
z2 :time-of z3