Baker Hughes US Land Weekly Rig Report - Nov 13 2020

The Baker Hughes US Land Rig Count was up 11 rigs to 297 active rigs rigs. The Permian gained 7 rigs while the ArkLaTex, Midcon, Eagle Ford and Northeast eached gained 1 rig. For the first time in a while, there weren't any losses of rigs in any regions.

Oil prices continue to remain around the $40 range for both WTI and Brent. In the past week, OPEC+ has agreed to extend current productiom cuts and may attempt to keep production at current levels for the next 3 to 6 months. Even with those cuts, the market will remain balanced or slightly oversupplied. It remains to be seen what happens to oil demand as a second wave of COVID cases continues to increase throughout the world

Figure 1: Baker Hughes US Land Rig Count - Nov 13 2020
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Rig Count - Nov 13 2020
(Source: Baker Hughes)