Need 500 rigs just to keep US production flatGreat data point as everyone waits for the rig count today.
GS analysts think 480-500 by Q4...but with a requirement for 500 just to stay flat, that would suggest continuing deficits for Q3 and Q4.
"Analysts at Goldman Sachs forecast the total U.S. rig count would rise to an average of 480-500 rigs by the fourth quarter of 2021 with most of that increase coming from the Permian (35-45 rigs), Eagle Ford in Texas (5-10 rigs) and Bakken in North Dakota (3-5 rigs).
"We believe that the U.S. needs a total of about 500 active rigs to keep production flat," Goldman Sachs said."
Reference: https://www.reuters.com/business/energy/us-drillers-add-gas-rigs-hold-oil-rigs-steady-this-week-baker-hughes-2021-04-09/