Baker Hughes US Land Weekly Rig Report - Dec 4 2020

This week, the Baker Hughes US Land rig count showed that there were 308 active rigs working in US Land, up 2 from last week. The Permian added 3 rigs and the DJ Basin added 2 rigs. The Northeast, Powder River Basin and California each lost 1 rig.

Oil prices have climbed over the last couple of weeks as the potential for a vaccine has the market beleiving that there will be an increase in oil demand in the next few months. While a vaccine will help things return to "normal" there plenty of supply in the market to moderate prices. The OPEC+ agreeing to increase production quotas in January, oil prices will likely remain in the $40 to $50 range.

Figure 1: Baker Hughes Weekly US Land Rig Count - Dec 4 2020
(Source: Baker Hughes)

Table 1: Baker Hughes Weekly US Land Rig Count - Dec 4 2020
(Source: Baker Hughes)