Baker Hughes US oil rig count 467 vs 461 prior

Author: Adam Button | Category: News

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.
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