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The rig count forecast is based on a correlation
developed by PetroStrategies, Inc.
We revised our regression to include future prices for natural gas. The
regression used is:
Rig Count = 529.78 + 14.572*West Texas
Intermediate Crude Price lagged
8-months + 29.75*Natural Gas Futures price lagged 8-months.
The equation explains 88.8% of the variance in rig
count with a standard error of the estimate equal to ±91.2.
As
with any forecast, readers are advised to use this information with care.
PetroStrategies is not liable
for any damages as a result of incorrect forecasts and decisions made based on
these forecasts.
We
welcome readers' comments and suggestions on this regression.
Source:
Baker Hughes Inc. as published in the Oil & Gas Journal
Statistics
Additional information is
available from Oil & Gas Journal's electronic information source OGJ
Online.
Updated
05/09/08
Copyright
2000
PetroStrategies, Inc.
All rights reserved
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