RE:Active Drilling Rigs Has Doubled Since May 10/21I missed the most important statistic in the Caodc drilling report contained in my previous post on this key parameter.
That statistic was actual rig service activity for April 2021.
For April 2021, the rig service activity was 34.9 % which was even higher than the 30.6 % for April of 2019 ( and obviously much higher than April 2020 )
The other statistics in that drilling report was that the number of rigs had doubled from early May to last week.
Linking those together, it is obvious that service rig activity will be very robust in Q2 of 2021