Baker Hughes
  • Prior was 594
  • Gas rigs 154 vs 157 prior

Rigs continue to rise but they're not back to 2019 levels yet and DUCs continue to be drawn down. The pace of drilling will have to step up from here.

oil technical analysis

WTI crude oil has bounced back from yesterday's decline and is trading up $2.54 to $$108.54. There are conflicting signs on the chart, with the steady uptrend as the most-dominant feature. But his week's bearish engulfing candle and failure to break above the 50-61.8% Fibonacci are negative.

Here's how the forward curve looks for the next year. There's some further backwardation going on today, which (to me anyway) suggests further tightening in the market.

Oil CT