This week, the Baker Hughes US Land Weekly Rig Report increased by 5 rigs to finish at 421 active rigs. The ArkLaTex added 2 rigs, the Northeast and MidCon both added 1 rig. Two rigs were added in Utah and one rig was lost in the Powder River Basin.
There have been multiple reports over the last couple of weeks that the DUC count continues to drop. The current rig count will not be enough to build DUCs or increase oil production. I saw report this week that US Production will drop in 2021 compared to previous years. This drop will be made up by OPEC+ as demand returns. While the rig count continues to move in the right direction, it will take some time for US Oil production to reach a plateau.
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| Figure 1: Baker Hughes US Land Weekly Rig Count - April 9 2021 |
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| Table 1: Baker Hughes US Land Weekly Rig Count - April 9 2021 |
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