Baker Hughes US Land Weekly Rig Report - Jan 15 2020

This week the Baker Hughes US Land Rig Count increased 13 rigs to finish at 354 active rigs. The Permian added 10 rigs, the DJ Basin added 2 rigs and the ArkLaTex and Eagle Ford each added 1 rig.

Oil prices continue to climb and WTI was over $50 for the week for the first time since February. While the increasing oil prices are a good sign, there are plenty of reasons to remain cautious. COVID cases continue to increase, with new lockdowns in Europe and there is still plenty of oil supply if demand drops. Most projections showing demand returning to greater than 100 BOPD sometime in 2022 as the COVID vaccination reaches the majority of the population

Figure 1: Baker Hughes US Land Rig Count - Jan 15 2020
(Source: Baker Hughes)

Table 1: Baker Hughes US Land Rig Count - Jan 15 2020
(Source: Baker Hughes)