According to Baker Hughes, Mar 13^th week ending U.S. oil rig counts increased slightly from the previous week but remained significantly lower on a YOY basis. Mar 13^th oil rig counts increased 0.1% from the previous week but finished 18.0% lower on a YOY basis and 23.1% below the three and a half year high levels experienced during November of 2018. Oil rig counts remained 2.9% above the 33 month low level experienced throughout the week ending Jan 10^th, however. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which finished 57% below the Oct ’18 highs during the week ending Mar 13^th. Declines in WTI crude oil prices have accelerated over recent weeks, leading to potential lagged declines in oil rigs throughout weeks to come. Oil rig counts have correlated best with WTI crude oil price movements when utilizing a three-to-four month lag since mid-2014. It remains to be seen whether the most recent significant decline in WTI crude oil prices will result in a more rapid decline in oil rig counts as WTI crude oil prices have declined from a base price of $50/barrel to an 18 year low level approaching $20/barrel. Mar 13^th week ending crude oil production remained at a record high level, despite the recent reductions in rigs, while oil production per rig remained near recently experienced three year high levels. Crude oil production is expected to continue to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a 15 month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Oil Rig Counts Correlate Best With WTI Price Movements When Utilizing a 3-4 Month Lag Oil Rig Counts did not Decline Significantly Until Six Months Following the 2014 Price Declines Mar 13^th Oil Rig Counts Increased 0.1% Week-Over-Week but Remained 18.0% Lower YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Mar 13^th Weekly Crude Oil Production Volumes Remained at a Record High Level Mar 13^th Crude Oil Production per Rig Remained Near Recent Three Year High Levels