f the recent fall of the OSX and commodities foreshadows a similar move in the US rig count, then a pullback to 1300 rigs or a 15% decline from current level of 1518 rigs would not be a huge surprise. Of the 200 rigs that would be sidelined, a split of 45% oil and 55% gas rigs removed from the count seems plausible. From a timing stand-point this assumes that approximately 445 oil rigs and 855 gas rigs will remain active as we roll from summer into fall.
http://bx.businessweek.com/us-economy/view?url=http%3A%2F%2Fwww.rigzone.com%2Fnews%2Farticle.asp%3Fhpf%3D1%26a_id%3D93896
