Weekly US oil rig count data
- Prior was 461
- Gas rigs 102 vs 102 prior
- Total rigs 569 vs 563 prior
The real catalyst in 2022 will be DUCs, which stands for drilled but uncompleted wells. There was a huge inventory of these coming into 2021 and they have been drawn down considerably. That is what kept US production at 11 mbpd this year.
Here's a chart from National Bank:
US oil inventories are below the 5-year range.
