The weekly Baker Hughes rig count data.
- Oil rigs come in at 385 vs 387 last week
- Gas rigs 103 vs 104 last week
- Total rigs 488 vs 491 last week.
The US rig count data is well the pre-pandemic levels that were just above the 800 level. Despite the rise in oil prices from pandemic lows and the supply/demand imbalance on global re-opening, the US oil producers are reluctant to invest the capital in new oil rigs.