Rigs counts fell again
Total oil rig counts fell, -2 to 590
Horizontal oil rig counts were -3 at 542
The Permian horizontal oil count was flat.
The pace of horizontal rig additions fell to -2.25 / week on a 4 wma basis.
This number has been negative for 17 of the last 18 weeks
Rigs counts have been falling at a pace of 2.5 / week for the last couple of months, and our model suggests continued falls in the 1-2 / week range
Frac spreads were -8 to 287
At current estimated rig and spread productivity levels, we would expect the DUC inventory down over the coming month
The overall picture is one of stagnation, in rig and spread counts, DUC inventory, and in US crude and condensate production