Weekly US oil and gas drilling data from Baker Hughes

  • Prior was 631
  • Natural gas 155 vs 157
  • Total rigs 809 vs 789

Another huge jump in drilling rigs. The US is already producing 9.1mbpd. That's going to be 10mbpd before long.

OPEC is going to look at rising production and more rigs coming online and it will be very difficult to agree to extending the cuts.