Rigs counts were up
Total oil rig counts rose, +5 to 623
Horizontal oil rig counts also rose, +2 to 565, largely unchanged in the last three months
The Permian horizontal oil rig count was up, +3
The pace of horizontal rig additions rose to 0.0 / week on a 4 wma basis
The calculated US breakeven to add horizontal oil rigs fell to $80 / barrel WTI versus $78 on the screen at writing.
Frac spreads rose, +4 to 254, no higher than in February
The DUC count is increasing by our calculations
DUC inventory rose to nearly 20 weeks of turnover, the highest since March
Overall, the story is as it has been in recent times
Rigs, spreads and C+C production remains range-bound
As we have been commenting for months, the FT also notes that the shale revolution appears over