• Oil rigs -9
  • Gas rigs +4

Drill pipe and rig workers are in short supply and it might take awhile to fix it. There's a high likelihood that year-end US production will disappoint.

WTI crude oil has mostly given up today's gains as markets wilt on news that Russia has completely halted Nord Stream 1 indefinitely. The question is whether this prompts more gas-to-oil switching or if it hurts economic growth so badly that overall oil demand is curbed in Europe.