Baker Hughes Weekly US Land Rig Count - June 19 2020

US Land Rig Count decreased again this week, down 11 when compared to the previous week. The Permian continues to lead the decreases, down 5 rigs from the previous week (45% of the total lost this week).

Looking at the industry, there are a lot of signs that we are reaching a bottom in activity

• oil and gas prices are stabilizing at higher levels 
• global supply and demand is close to balancing 
• OPEC+ has agreed to extend production cuts which should result in a supply deficit starting in August

As long as there isn't another round of COVID-19 related lockdowns, the oil and gas market should be soon begin to slowly recover.

Figure 1: Baker Hughes US Land Weekly Rig Count - June 19
(Source: Baker Hughes)

Table 1: Baker Hughes US land Weekly Rig Count
(Source: Baker Hughes)