Rig counts recover

  • Rig counts recovered after last week’s lousy numbers
  • Total oil rigs are up, +5 to 863
  • Horizontal oil rigs rebounded, +6 to 771
  • The 4 wma for horizontal oil rig adds rose slightly to +2.0 / week, but the general pace of rig additions still seems downward
  • The big movers this week were the Cana Woodford, -6; and Other US, +7.  Expect some reversal of these numbers next week.
  • Q2 GDP
    • NY Fed: 2.8% (+0.0% from last week)
    • Atlanta Fed: 3.8% (+0.0% from last week)

Baker Hughes Rig Count July 6, 2018