• Oil rigs up 13
  • Gas rigs +1 to 150

This is a bullish chart for oil. We're not yet back to pre-pandemic levels and have drawn down hundreds of DUCs.

US oil rigs

Oil servicer Halliburton last month said they're sold out for H2 so there isn't much spare capacity out there and pipe is tough to find. Oil is down slightly today but has held up remarkably well given what's happening in equities.