- Oil rigs 605 vs 601 prior
- Gas rigs 158 vs 159 prior
Rigs have leveled off recently, which is troubling given the price of energy. Some contract drillers said there are not enough rigs or crew and no one believed them.
Another story within the oil market is that all almost all the new rigs this week went to the permian basin. Eagle Ford was -2 and the Bakken was unchanged. If you zoom out, those basins aren't adding rigs and there are companies putting assets there up for sale. The US is low-key heading for a moment when there's only one basin and it's getting pumped hard. Moreover, that basin has been responsible for nearly all global production growth in the past decade. What happens if it falters?
Crude oil is down 12 cents today.
