Baker Hughes US oil rig count 421 vs 411 prior
Drilling picks up
- Total rigs to 521 vs 512
- Natural gas rigs -1
The lack of gas drilling is concerning given where prices are but oil drilling is picking up. Some of that is a return to work after Ida-related shutdowns in the gulf. I wrote about this chart earlier:
Brent just ticked above $78 for the first time since 2008 and WTI is flirting with $74.