Not a good sign:

Oil capex decline:
Oil Rig Count Plunges To Lowest Level Since 2017
A Death Sentence For Small Oil & Gas Drillers
Below 50 is contraction:

Not a good sign:

Oil capex decline:
Oil Rig Count Plunges To Lowest Level Since 2017
A Death Sentence For Small Oil & Gas Drillers
Below 50 is contraction:
