Rigs were +10 WoW because it was a moving dayI’ve decided to stick around after all.
You can thank Sclarda clown ..... I just want to pi$$ his poor f*** a$$ off...
pay attention to the first 1:30 - he explains how rigs in transit created for the increased rig count (the 16 month high #). Rig count is still WAYYYYY down from the pre-pandemic figure of ~ 900.
note the 2016 low was ~ 400 units @ $26 oil ....
but more importantly, and what can give a better indication of a flood of new supply, is the frac-spread count. This # was only up by 3 units to 239.
https://m.youtube.com/watch?v=9oyX6IogIs0