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+--- Thread: Oil and gas drilling rig count (/showthread.php?tid=2195)
Oil and gas drilling rig count - rnsmth - 03-11-2022
From Seeking Alpha
U.S. rig count resumes sharp gains after one-week lull
Mar. 11, 2022 1:13 PM ET
The United States Oil ETF, LP (USO)OLEM, OILK, NRGU, USOI, DBO, USL, SCO, UCOBy: Carl Surran, SA News Editor
Active drilling rigs in the U.S. jumped by 13 to 663 according to the latest Baker Hughes weekly survey, resuming its recent pattern of steady gains after a one-week breather.
Rigs targeting crude oil in the U.S. increased by 8 to 527, while gas rigs gained 5 to 135; rigs targeting oil in the Permian Basin jumped by 6 to 316, while the Eagle Ford shale added 2 to 47.
The total rig count had climbed for eight consecutive weeks before last week's pause; oil rigs had increased for six straight weeks heading into last week.
ETFs: USO, UCO, SCO, USL, DBO, USOI, NRGU, OILK, OLEM
Bank of America's commodities team has forecast 900K bbl/day of lower-48 supply additions on ~100 horizontal rig additions throughout 2022; the oil rig count is now up 37 in the first nine weeks of this year.
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RE: Oil and gas drilling rig count - fenders53 - 03-12-2022
It would seem normal that rig counts continue to grow. Oil bulls seem to believe it will not tame oil prices soon. I don't rule out the possibility it will become more important late this year after peak travel season. It's about more than auto and jet fuel though. World economy growth rate predictions are gradually being pulled back. That seems like a more important concern for oil investors, and other sectors for that matter.