[Obadiah]

So the benchmark price is spiking today due to the precipitous drop in US rigs, yet the Sauds say they are increasing their rigs. Something does not compute.

Why is the market spiking if the Saudis are basically replacing the US rig count? So, really, just sideways movement.

Just why are the Saudis increasing their rigs in a low price market other than to drive producers out in the US?

[thackney]

So the benchmark price is spiking today

I'm not sure I equate bouncing off the bottom the same with spiking.

Why is the market spiking if the Saudis are basically replacing the US rig count?

I don't think this news article has a thing to do with today's price change.

Nor do I consider Saudi using ~60 more rigs a replacement of the +700 we have shut down.

Just why are the Saudis increasing their rigs in a low price market other than to drive producers out in the US?

I have seen Saudi to be long-term planners in their oil industry. Rig rates and labor are cheap right now. I see them building up future capacity. They have the cash reserves to afford it.